Get your year-end sorted with Xero
The ATO has extended some lodgement and payment dates due to the impact that the coronavirus and the summer bushfires have had on key deadlines for EOFY.
Please check out our Key EOFY dates resource for more detailed information.
Make sure to lodge and pay your April 2020 monthly business activity statement.
Now’s the time to lodge and pay eligible quarter 3, 2019–20 activity statements, especially if you’ve elected to receive and lodge electronically.
Today’s the day you need to finalise JobKeeper enrolment for your eligible businesses in April and May.
Time to lodge and pay your May 2020 monthly business activity statement.
Your super guarantee contributions must be received by this date to qualify for a tax deduction in the 2019–20 financial year.
Sorting your year-end payroll with Xero
Find how to videos, articles and a series of helpful webinars, covering topics like Single Touch Payroll and how to complete your STP Finalisation in Xero. We’ll also cover how to check that your payroll reports reconcile and if you find a mistake on your employee’s end of year summary, we can guide you through the steps to getting that fixed too.
Sign off your Single Touch Payroll (STP) data and send it to the ATO at the end of the financial year. Add RFBAs while reviewing each employee’s data, and sign off data for employees who left your organisation during the financial year.
Whether you need to finalise Single Touch Payroll data or produce payment summaries, this checklist will help you navigate the end of year payroll process from start to finish.
For any additional help you need, check out Xero Central, or contact the ATO or your professional association.
If you've processed a year-end before in Xero, refresh your knowledge by joining this webinar. Be reminded of key checks to complete and how to submit your payroll data to the ATO to finalise your year-end.
Xero's Payroll Only plan can pay up to 4 employees each month, and file pay run information to the Australian Tax Office (ATO) as part of Single Touch Payroll (STP) compliance. This guide will help you set up Payroll Only.
Single Touch Payroll (STP) is a way of reporting payroll information to the Australian Tax Office (ATO). In this masterclass, you’ll learn everything you need to know to manage STP requirements for a business.
Making tax time simple
We’ve collated our best practice tips for lodging individual and company tax returns, Business Activity Statements (BAS) and using Xero Tax worksheets, as well as how to finalise Document Packs to easily meet those lodgement dates. Come along, learn, and discover what works best for you to streamline your workflow for tax time.
A panel of Xero partners share best practice and tips and tricks on how to setup Xero Tax so you can lodge activity statements and tax returns, manage workflow and communicate with clients and staff when working remotely.
Learn how to lodge a BAS in Xero Tax. Learn how to import directly from a Xero organisation how to perform a range of useful tasks to help you get the most out of the return.
Connect your organisation to the ATO and lodge your Activity Statements directly from Xero.
Enable the automatic creation of activity statements for any clients with an outstanding obligation.
Join us for a live demo of Xero Tax. If you're a registered tax or BAS agent, Xero Tax is the perfect tool to prepare and lodge a range of tax forms. Learn how to import and filter clients, prepare returns, and streamline lodgement with Adobe e-sign.
Register for preferred session
These webinars run weekly
Intro to Xero Tax | Course
Find out how Xero Tax integrates with Xero organisations, the ATO, Adobe Sign, and Dropbox Business.
Set up Xero Tax | Course
Learn about the set-up process, and how to use the import features for staff lists and contacts. Plus how to get started using electronic signatures for tax returns through the use of Adobe e-sign.
Our 2020 video series on processing end of financial year tax returns is coming soon! Learn about the recommended practice workflow for the main tax returns and different worksheets that are available in Xero Tax and when lodging Activity Statements.
In the meantime, please feel free to check out our 2019 video series on processing end of financial year tax returns.
Best practices for processing EOFY
Check out our handy tips for preparing financial statements and processing EOFY for Xero’s business edition. We’ll also take you through the latest features like Ask in Xero HQ and Document Packs to help you create a more efficient end to end process.
Learn the best-practice process you’ll need to be aware of when efficiently wrapping up the end of your financial year for a Xero Business Edition. We will cover finalising accounts payable, accounts receivable, fixed assets, bank accounts and inventory.
This checklist includes tips and tricks for closing off the financial year for organisations on Xero in accordance with Xero bestpractice.
Disclaimer: This is not an exhaustive checklist. It is intended for use in conjunction with our 2020 Process End of Year in Xero webinar or recorded video.
Follow these best practice steps when using Xero for financial reporting.
Disclaimer: This is not an exhaustive checklist. It is intended for use in conjunction with our 2020 Prepare financial statements in Xero webinar or recorded video.
Take a look at how Ask in Xero HQ and Document Packs can speed up and simplify your end of year client communication. Collect information in a centralised place with Ask templates, then compile, send and sign client documents from inside Xero HQ.
Learn the best practice methods of configuring jobs in XPM for the new financial year. We’ll cover setting up jobs for both fixed fee monthly billing and once off billing based on an agreed fee or time based billing.
This webinar has now finished - please stay tuned the webinar recording!
Ready to grow your professional Xero network and meet some new peers? Xero Hour is a space for our partners to come face to face online – wherever you may be. We’ll connect together for a curated meeting of minds and sharing of ideas.
Staying across important JobKeeper updates in Xero
Keeping up to date with the latest product updates and information available around JobKeeper payments is made easier with our one-page summary. Here you’ll find everything you need for Xero and JobKeeper, so make sure to give it a look.
Don't forget to check out our resource page we've created inside Xero that details payroll support during COVID-19.
Check out the full list of key dates by the ATO on JobKeeper here.
We’ve created a handy page inside Xero outlining the steps you need to take to get ready for JobKeeper payments with Xero.
These steps have all the tools and information you need to get ready, including the turnover calculator and a list of potentially eligible employees.
In these challenging times, it's important to understand what government assistance is available to support you and your business. The Xero team will go through the JobKeeper scheme, how to process JobKeeper payments in Xero Payroll and provide plain language examples to support you.
- JobKeeper Payment: how to get ready in Xero
- JobKeeper Payment: how to report payruns correctly to the ATO
- JobKeeper Payment; process a pay run for payments over and under $1500 (Australia)
- JobKeeper Payment: turnover calculator
The Australian Tax Office will use STP data to collect information on employees who are eligible for the JobKeeper payment. So getting clients set up on STP will better prepare them for this relief.
This is an incredibly tough time for everyone. That’s why we’ve launched the Xero Business Continuity Hub with information and resources to support you and your clients.
Take a look, check back for updates, and feel free to share.
Report your finances effortlessly
Our report templates have been updated for 2020! Familiarise yourself with the latest updates and learn the fastest ways to edit a management report from Xero HQ into Xero. You’ll be able to easily tailor these reports as needed to suit your practice.
Learn about using report templates for your practice and clients. We show you features and benefits, how to add, manage templates, and use report fields for consistent reporting, and how to activate only the templates you need for client reports.
Learn about report templates in Xero, where we’ll cover the basics to set up and have a practice get started with using report templates for their clients.
Register for preferred session
These webinars run weekly
Deep dive into reporting in Xero by way of a Management report template that is being customised at a practice and client level to add value to the client.
Register for next session
06 August | 12:00 - 12:45pm AEST
03 September | 12:00 - 12:45pm AEST
Move to the cloud with Xero’s practice tools
Now, more than ever, you need the best tools and processes for working remotely and in the cloud - and Xero’s got you covered. Check out our handy flip resources that will help you with getting started, and then register for one of our webinars showcasing Xero Practice Manager and its workflows.
More and more accounting firms are moving to the cloud – that's because they understand the benefits such as better mobility and easier collaboration with clients. These are vital when you're continuing to build a successful practice that will thrive in the long term.
Cloud based accounting is changing the landscape of accounting firms the world over. Check out our article where we break down what happens when a firm goes all-in on the cloud.
Join a Xero Partner Consultant for a practical demonstration of our recommended best-practice workflows in Xero Practice Manager.
Register for next preferred session
These webinars typically run twice a month
Migrating your clients to Xero
Learn to migrate your clients to Xero more effectively. Find different techniques and make use of available tools that make the move easier.
Move clients over to Xero effectively. Learn how to migrate multiple clients over to Xero, plus the techniques and tools available to make this easier.
Prepare the practice for migration
Apply best practices when migrating your clients to Xero to streamline processes, increase revenue, and grow your business.
Prepare clients for migration
Analyse your client's business and needs to build a practice wide profile.
Apply client conversion best practices
Understand what checks should be completed before converting clients to Xero.
Get paid faster with a payment service. Research different payment services in the Xero App Marketplace and find the right one for your business.
Complete the Xero migration
This course helps you complete the migration and handover the Xero subscription to your clients. Learn how to set clients up for success and determine how to update practice documents and processes to ensure success with future conversions.
Use the Xero Conversion Toolbox
In this course you’ll learn about the Xero Conversion Toolbox, how to use it, and its benefits. We’ll show you how to export data from a client’s previous accounting accounting system, and import it into Xero.
Running your business from a spreadsheet can be difficult and confusing. Join us to learn how to tidy up your data, import this into Xero and get set up in no time at all.
Learn which business Xero Projects is suitable for and how to perform an end to end workflow. This advanced lesson covers how to use Xero Projects for quoting, invoicing and tracking profitability. It's recommended for those familiar with Xero’s workflow.
Xero Expenses lets employees capture receipts and submit claims for work expenses on iOS and Android mobile devices. Learn about the features and benefits of using Xero Expenses.
Supporting your wellbeing
EOFY is a busy time for all and in these unprecedented times it’s more important than ever to make sure you are looking after your own wellbeing. We’ve got resources to help you look after yourself and your staff, as well as a guide that covers off how you can support your small business clients.
Beyond Blue has developed a guide to help you support small business owners you know or work with. It outlines actions you can take to support a client, customer, family member or friend who is facing challenges that are affecting their mental wellbeing.
Finding a good work life balance can be one of the biggest push/pull battles of our career. Join us to hear from four different people around how they're finding this balance and thriving as a result.
Staying resilient is often easier said than done, particularly in a virtual world. Join us to explore how to build resilience to cope through adversity, using research-based tools, tips and tricks.
Your top FAQs on Xero Payroll
We’ve taken the top questions our support team received during EOFY and compiled them all here for you to help you with your workflow.
How do I correct JobKeeper payments?
You'll have to create an unscheduled pay run to reverse out the values previously reported (by adding them to the payslip with a minus figure), and add the correct ones in with a positive value.
How do I reconcile JobKeeper payments?
We've got a great Xero Central article that explains this in detail. Check it out to learn how reconcile JobKeeper payments in Xero.
Customers need to run both the Payroll Activity Summary and the General Ledger report, and ensure amounts are matching in the relevant accounts. The Xero Central article lists which accounts should be matching with which sections of the payroll report.
My employee was terminated before I opted into STP. How do I do their finalisation?
Terminated employees will appear when completing the STP finalisation, as long as they've had earnings included in pay runs within the financial year.
I have opted into STP; why can't I preview the ETP summary?
ETP payment summaries are treated the same as the normal payment summaries. Once opted in to STP, they can no longer be produced, and employees will instead get this information through MyGov.
How do I fix a pay run included in the wrong financial year?
This needs two unscheduled pay runs: one to reverse everything on the incorrect date, and one to process it all again on the correct date. There are a few considerations, and this process can get complex. so submit a case to support any time you need help.
How do I make changes to employees earnings once I've finalised with STP?
You simply need to make the adjustment in an unscheduled pay run, Go to Unscheduled pay run > File this pay run using STP, then complete the finalisation process for that employee again. Full steps are covered in 'Fix an employee's finalised STP data' in the Xero Central article.
We've found discrepancies in our general ledger at the end of financial year for payroll. How do I fix them?
It'll depend on the discrepancy. First, check that you haven't posted any manual journals to the payroll accounts, whether you've included any negative amounts in pay runs and, if you started on Xero midway through the year, that your opening balances and conversion balances were entered correctly.
If you're having trouble finding the discrepancy and what it relates to, we recommend that you look at the reports over a shorter time frame to see at what point it became unbalanced. It can become complex, so submit a case to support if you need further assistance.
Opening balances currently aren't included through STP. If you've been using another software package to lodge STP previously, you need to finalise through STP on there, and then start using STP through Xero. As the details are already lodged via your old software, you won't need to do it again in Xero.
If you are coming from non-STP software or are not using STP software, you can use your current software to produce part-year payment summaries instead. This will also mean you won't need to report the opening balances through STP in Xero, as they will already be with the ATO. If you are unable to use your old software to do either of these, then you'll need to include the opening balance amounts within pay runs, rather than from employees' Opening Balances tab.
How do I report RFBA once opted in to STP?
RFBA can be manually entered while doing STP finalisation. When editing each employees finalisation, you'll be able to enter the RFBA amounts as required. Full steps are available on Xero Central.
How do I report RFBA before opted in to STP?
RFBA can be entered when reviewing an employee's payment summary. Full steps are available on Xero Central.
How do I report lump sums once opted in to STP?
Once opted in to STP, lump sums need to be processed through pay runs. If the lump sum is related to a redundancy payment, Xero will automatically report leave as lump sum A. If you use the redundancy pay item, Xero will automatically report the amount on this pay item as lump sum D. For other lump sum types, or for adjustments, you'll need to use adjustment pay items. Full steps are available on Xero Central.
How do I report lump sums before opted in to STP?
Lump sums can be entered when reviewing an employee's payment summary. Adjusting the lump sum fields will reduce the employee's gross amount automatically for customers. Full steps are available on Xero Central.