Question

Product Manager Answers Your Questions About Payroll Year End | Ask Me Anything

Forum|Forum|4 years ago
March 17, 2022
11 replies
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Hello and welcome to Payroll year End 2022 Ask Me Anything featuring our Payroll Product Manager for the UK, Gill Byrne.

Below, you will see that Gill has answered some of your top-of-mind questions when it comes to payroll year-end and QuickBooks Payroll products. Don't worry if you don't see your question, as you can reply to this post directly, and your question will be answered by an Expert.

So, over to Gill to answer some of those questions! 👇

1. As a small business, what are the key dates to be mindful of during end of year?

There are a few key dates to be mindful of as we approach the end of the tax year, with April 6th being the beginning of the 22/23. In addition to those dates, there are responsibilities as an employer which you need to be mindful of. We have captured key dates Standard Payroll and Advanced Payroll.

2. Are there any features in QuickBooks advance payroll that makes payroll year-end a smoother experience?

Good question! Both product experiences make the transition from one year to the next as smooth as possible (just remember to issue P60’s before May 31st!)

3. When will the new tax year be ready?

Both QuickBooks Payroll Advance and Standard payroll products will have the new tax year available next week – the week commencing March 21st.

4. In QuickBooks payroll, how do I issue P60s to employees?

In Standard Payroll – P60s are available in Workforce, check out how to add your employees on Step 7. Alternatively, you can email the P60s once you have run the final payroll of the tax year.

In Advanced Payroll – P60s are available in the employee portal and can be published when you run your final payroll.

5. How do I notify HMRC that this will be my final submission of the tax year?

For Standard Payroll, the last submission is automatically selected on the FPS so you don’t need to do anything

With Advanced Payroll, when sending your final FPS for the tax year, select the checkbox to notify HMRC it’s your final pay period

6. What are the main differences between QuickBooks payroll standard and QuickBooks payroll advance?

Hi there and thank you for your question! Standard Payroll is ideal for director only businesses who want to run payroll with speed and simplicity

Advanced Payroll is for employers whose HR features and in-depth analysis of customisable reports. You can check the comparison table for more information

7. When can I do my payroll year end?

It’s entirely up to you, just bear in mind the key dates so you give yourself plenty of time

8. When should I run a P60?

Before May 31st! 😊

Thanks, Gill for answering these questions, and remember, if you have more questions, please post them below 😊

D

Dolly5

Hi

I have today run my final payroll (m12) for the year for one of our companies. We have not had any employees on the payroll for the last 10 months, so there are no P60's. Can I just cancel the QB Payroll subscription for this company after I am able to submit the final EPS. Also do I need to inform HMRC of anything?

A

Ashleigh1

Hello Dolly5, thanks for posting on here, yes you can just cancel the QB Payroll subscription, you just cancel this in the billing and subscription section in QB after you have submitted the final EPS. The final EPS closes off the PAYE scheme offically on your system so HMRC will get that which will tell them its your last on.

A

AQ22

Hi, we use QB advanced payroll, this will be our first end of tax year as employers and we only have one employee. Our pay months run calendar months paid on 28th, so I’m unsure how to do the year end including the first few days of April so as not to mess up the actual pay amount, our employee’s tax code also needs changing for the new tax year, so again not sure how this works for April’s payrun, as the I assume the first 5 days will need to be at the current tax code?!

I hope that makes sense to someone who can help!!
Many thanks in advance :)

MichelleBh

Payroll year-end is coming, and I want to make sure your employee and taxes data are accurate, AQ22.

I'll help you with what needs to be done in the year-end process in your QuickBooks Online Payroll Advanced. This way, you can finish the year-end smoothly.

If your employee is paid monthly, you'll not get a week 53. That said, you can treat your payroll as usual. However, if the final payment date falls on 4 or 5 April, your pay ends in week 53. For more details about this, read through this article: Process week 53 for your payroll.

Regarding the change in employee tax codes, I recommend contacting a payroll specialist/manager. They can guide you on what to do about your first five days of being included in the new code.

Once confirmed, follow the steps below on how to change the employee tax code:

Go to the Payroll tab and select Employees.
Pick the employee name and hit Edit.
Click the Pencil icon perpendicular to Tax information.
Modify the Tax code in the field and choose Save.

You might want to check out this article to learn how to manage your employees: Add, edit, or inactivate an employee.

Further, check out these articles to know the year-end key dates, checklist, tax changes, and other related topics:

Please let me know if there's anything else I can do for you. I'll be standing by for your response. Keep safe, AQ22.

S

susan.white

Hi, advanced payroll user, first payroll year end, I have read your article. My payroll runs monthly to 31st March. on your article with guidance for pay run year end it says to ensure the processing date is 5/4/2022. Where is the 'processing' date I need to ensure is 5th March please?

S

susan.white

Not 5th March, 5th April

S

ShiellaGraceA

Thanks for joining us here, @susan.white.

I'll share the steps on how you can verify your processing date. Let's go to the payroll page to see it.

Go to Gear at the top and then select Payroll Settings.
In the Pay Run settings, choose Pay Schedules.
Simply select the name of the pay schedule you wish to edit..
Click Save.

With the above steps, you're able to view the details of the pay schedule where you can make any necessary changes.

For more information about the process, check out this guide: Set up pay schedules in QuickBooks Online Advanced Payroll.

Additionally, here's our QuickBooks Online Advanced Payroll hub to help you manage payroll settings, employees, process payroll, and reports.

Please don't hesitate to reply if you have other payroll questions. I'll be around for you. Take care and have a great day ahead.

A

abigail-oborne-g

Hi I hope this is ok to ask...

I do the bookkeeping for some clients, they run payroll through Quickbooks but a few times have either underpaid or overpaid their employees which is annoying for me as the payments don't match the journal entries.

I'm at a loss as to how to reconcile and account for these payments as well as any payments that need to be made to ratify these mistakes.

Can you help please?

Thanks

J

jamespaul

Hello, Abigail.

You've come to the right place. So, I'm here to help you correct the underpayment and overpayment from payroll so you can reconcile your clients' bank accounts.

You would want to create another set of journal entries to correct the underpayment or overpayment from payroll. This will adjust the payroll balances and expenses manually.

Generally, you'll want to include the bank account, payroll liability accounts and other accounts related to payroll. This ensures the tax balances are correct and properly booked during tax payments.

To create a journal entry, simply click the + New button, then select Journal entry.

However if you need help creating these journal entries, I would recommend consulting with an accountant well-versed in QuickBooks Online.

After recording those entries, proceed with the reconciliation process. This article will guide you through the process if you need help: Reconcile an account in QuickBooks Online.

If you and your clients use the Banking feature, you would just need to exclude those downloaded bank entries and proceed with the regular reconciliation process.

To exclude a downloaded bank transaction:

Go to the Banking page, then select the For review tab.
Find and check the downloaded bank transactions regarding payroll.
Select the Exclude option.

Also to prevent underpaying or overpaying those employees, make sure that those hours and wages are correct as your clients pay their employees. You can share one of these articles with them in case they need more help:

After correcting those overpayment and underpayment entries and reconciling the bank account, do you need help checking the employees' data?

QuickBooks Online Advanced Payroll hub (Expand Reports & pensions).
View reports in QuickBooks Online Standard Payroll

You're more than welcome to post your reply here if you have other questions about managing payroll in QuickBooks. If you need help with any other transactions, let me know and I'll help you out again.

M

Mungo11

In Payroll Advance, there are green icons against each month for HMRC submission, payslips published and journal exported, including March 2022, and all months have been finalised. However, there was a problem with the February payroll and although it was finalised, submitted to HMRC and the payslips published, there was no journal exported. The auto webchat Payroll assistant has today suggested unlocking (and perhaps deleting) but this seems a bit drastic, given that the details have been sent to HMRC and to the employees. If I raise manual journals instead for the P&L and balance sheet entries, will these manual journals mess up Payroll Advance, and in particular, cause problems with the year end process?

I apologise if this has been posted in the wrong place, this webpage is a bit confusing as to where new questions are posted.

S

ShiellaGraceA

Thanks for joining us today, @Mungo.

I have some information about the exported journal. Once you've submitted your payroll info to HMRC QuickBooks will automatically create an entry. Since this isn't the case in your February data, you'll have to unlock the payroll entry to correct it as per our payroll representative.

I understand that you've already contacted our Payroll Support. However, I recommend contacting them again, they have the tools and resources that can help you correct and unlock the entry.

Here's how to reach out:

Go to Help at the top.
Tap the Search tab. Then, choose Contact Us.
Enter a brief description of the issue, then select Continue.
Click Chat with us.

With the assistance of our payroll agent, you'll be able to correct the entry without messing the reports.

Here's a handy article that'll help you manage payroll-related tasks. Just choose a title that fits your concern: QuickBooks Online Advanced Payroll Hub.

Please don't hesitate to reach out me again through this thread if you have other payroll questions. I'll be here for you. Take care and have a good one.

M

Megan88

Hi

We have run our final payroll and QBO has generated p60s for all employees, however there are p60s for two leavers (leave date marked as 1st April 2021 & 2nd April 2021). There are not p60s for any of the other 2021 leavers. Why would it generate a p60 for a leaver?

Thank you in advance

Angelyn_T

I appreciate your for joining the thread, Megan. I can share with you some insights about the P60 form.

The P60 form is an annual statement issued to employees who are still in your employment at the end of the tax year. It outlines the tax and national insurance (NI) contributions employees have paid over the previous tax year.

Employees who have left during the tax year receive a P45 instead of a P60.

Since two leavers have P60s generated, you may double-check their records to isolate the issue. Or, you can connect with our designated Support Team. This way, a live representative can look into your account securely and review the employees' standing.

To learn more about P60s, you can check out these articles:

Let me know if you have any other follow-up questions about the P60s. I'm just a post away to help. Have a good one!

S

SAW108

Whoops, forgot to check the final payroll run check box! What now?

Jen_D

It's good to see you here, @SAW108.

It is important for us to make sure your payroll tasks are completed successfully.

For this concern of yours, we need you to reach out to our support via phone or chat so that we can raise a ticket on your account to correct this. Our representatives can look into your account and help you with your final payroll and corrections.

You can reach out through this link: Contact Payroll Support QBO Payroll UK.

Reach out back to us if you need other assistance with QuickBooks Online Payroll. I'll be right here if you need anything else. Have a good one.

A

Alex Sinclair

Hi, I run fortnightly payroll. The next payroll date is 1st April and the subsequent payroll date is 15th April. Which of these payrolls should I mark as final year end?

Rubielyn_J

It's a pleasure to have you here, @Alex Sinclair. Let me chime in and provide some information about managing fortnightly payroll.

In QuickBooks, it is crucial to know what should you mark as the final year-end. That being said, it would be best to check HMRC or consult your accountant. This is to ensure that your book is accurate and balanced.

Additionally, I've attached some articles you can utilize for future use and help manage your payroll activities in QuickBooks:

Fill me in if you have other questions about managing your payroll in QuickBooks. I'll be around to help you. Stay safe, and have a great day!

C

Clare55

I have advanced payroll and pay employees every 4 weeks.

I have run my final payrun for the year and published payslips.

The payslips seem to have been calculated based on 14 weeks instead of 13 weeks?

Please can you let me know if this is correct or should it be calulated by 13 weeks ?

C

Clare55

That should read 14 months

M

mv32

Thanks for joining the thread, @Clare55.

I want to ensure that the accumulated payslips for the following weeks are calculated accurately.

For your concern, I'd recommend reaching out to our support via phone or chat so that we can raise a ticket on your account to correct this. Our representatives can review your account and see if the total number of weeks is correct.

You can reach out through this link: Contact Payroll Support QBO Payroll UK.

Please join us here if you need more assistance with QuickBooks Online Payroll. I'll be right here to help. Keep safe.

D

David Stanley

Hi we run 4 weekly payroll schedule and so as such our last pay run for the year was 18th March but due to the date being so far from April 5th I overlooked that this would actually be our final submission in the year and as a result did not check the tick box to indicate this! The pay run has been finalised and submitted to HMRC so is there any way I can retrospectively update the RTI to HMRC to reflect this?

I have subsequently finalised and submitted our latest pay run to HMRC so it is also no longer the last submission.

R

RCV

Let me chime in and provide some information about managing fortnightly payroll, David Stanley.

Once the pay run is finalised the pay run will be locked. If we need to make changes to a pay run, or one from a previous tax year, we can unlock it at any time by selecting the Pay Run Actions tab in the pay run. Then, select Unlock. Let's make sure your changes are correct before finalising the pay run again. Then send an FPS to HMRC as a correction to the previous submission. Here's an article you can refer to for details about finalising a pay run in QuickBooks Online Advanced Payroll.

If you need assistance with this one, please reach out to our Payroll Support Team. They have the tools and resources that can help you correct and unlock the entry. Here's how to reach out:

Go to Help at the top.
Tap the Search tab. Then, choose Contact Us.
Select Ask me a question, Ask the QuickBooks Community or Contact a human.
Click Live chat/Call me back.
Enter your question, then press Continue.
Choose a way to connect with us like Chat with us with a support expert.

Here's a handy article that'll help you manage payroll-related tasks. Just choose a title that fits your concern: QuickBooks Online Advanced Payroll Hub.

Please don't hesitate to reach out to us again through this thread if you have other payroll questions. I'll be here for you. Take care and have a good one.

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