February is the shortest on the calendar, but also the most important month for payroll - its the last month of the tax year!
Here are a few tips from our consultants, which might help you to get your payroll ready for tax year end:
- Now is a good time to reconcile the PAYE, SDL, UIF and ETI (if applicable) for the previous 11 months! This will save you time by only being required to reconcile the last month. Click here for a guide on reconciling your payroll
- Print your IRP5/IT3a Validation - if there are any issues that might affect generating the tax certificates, this can be resolved BEFORE starting the new tax year! Click here for a guide to print the validation report. (if you get any validation errors, please search on the Customer Zone Knowledge Base for more details to resolve any errors)
- Once the payroll has been completed for February, ensure to make a Full System Backup. Click here for a guide how to make a backup.
- Before you start the new tax year, you must make a Copy System. All processing, payments, reports etc. must be completed, before you make the copy. You will be using the Tax Year End Copy System to generate your tax certificates to the Receiver of Revenue. Below are steps to guide you through the process:
- Plan your submission before the deadline: We have seen so many times people try to complete the full process right before the submission deadline, placing unnecessary pressure on themselves to get this done in time. Put some time aside to prepare and complete your submissions as soon as filing season opens. If there any problems or issues, you still will have enough time to resolve it and submit your tax certificates to SARS in time, well before the deadline. This will save you time and frustrations of waiting for assistance in the last few days of filing season.
Do you have any tips? Please comment and share your ideas with our forums subscribers!
Keep your eye on Sage City for exciting information and tools to help you complete your Tax Year End 2019 easy and hassle-free!