Setting Employee Opening Balances (Initial Values)

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If you’re migrating your payroll, you'll most likely want to set the opening balances for the leave entitlements and the year to date payment figures for your employees.

To set up the opening balances for your employees, open the employee record that you wish to set the opening balances for and then select “Opening Balances” on the left 

Within the Opening Balances screen, there are four tabs:

  • Leave Balances
  • Earnings
  • Deductions
  • Employer Liabilities
  • PAYG & Super

Leave Balances

When entering leave balances, enter balance as at the point of transition to this payroll system. Partial hours are entered as a decimal (eg: 6.5 hours) rather than as HH:MM (eg: 6:30).

Earnings

Earnings are the year-to-date gross values for the financial year specified. If you need to change the Initial Financial Year, click the 'Opening Balances Settings' button at the top of the page. These cannot be allocated to specific locations.

Deductions

Enter the year-to-date deduction amounts for the financial year specified. If the pre-tax deduction amount needs to be recorded as a Reportable Employer Super contribution, please check the checkbox accordingly.

 Employer Liabilities

 If you previously created employer liability categories used by your business, you will be able to choose from there here and enter in opening balances. If you have not yet set up any employer liability categories, the following articles will help:

Creating and Managing Employer Liability Categories

Setting up Recurring Employer Liabilities 

Super and PAYG

 

Enter the year-to-date tax withheld amounts and super amounts for the financial year specified. Super amounts should represent only the amounts that have actually been paid out of the previous system. 

Importing Opening Balances

If you have a large number of employees, you can bulk import their opening balances. To do so, click the 'Opening Balances' settings at the top of the page, then click 'Import'. Refer to this article for more information.

 If you have any questions or feedback, please let us know via support@yourpayroll.com.au

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