A Previous Year Adjustment can be used in situations where the Change Tax Year process has been completed to run a payroll in the new financial year and a value needs to be amended before an STP Update event has been reported.
This helps the user to make any adjustments necessary before reporting the Final Pay Event via STP Update.
If you have reported the Final Event via STP Update for the Financial Year and need to adjust an already reported value for an employee, use an STP Adjustment to make this change. For more information, see Process an STP Adjustment.
To process a Previous Year Adjustment
Take a backup, select Utilities, Backup Database.
Go to Payroll, Transactions, End of Year, Previous Year Adjustment.
Select the Employee and the Financial Year.
Add values as required for the relevant Pay Components. If you need to subtract a value, enter the Hours and Value as a negative.
Click Process to finalise the transaction.
The adjustment values will be displayed on the following reports:
Payroll Report (Include Previous Tax Year)
Employee Enquires, Transactions tab
Add Transaction Type to the grid to filter on Previous Year Adjustment
IQ Report, IQB-RET001 Payroll Employee Transactions Details (Report)