U1 Wages Reconciliation

This workpaper can be used to reconcile payments made to employees.

To begin, enter the GL code for salary and wages at cell F10.

Enter any accruals made in the accounts in the current and previous year at cells G12 and G11 respectively.

Payroll reconciliation

Enter in the details that were lodged with the relevant Business Activity Statements for the reporting periods.

The balance of the W1 column for salary and wages should reconcile to the amounts paid for salaries and wages for the year.

STP reconciliation

The Import STP report button allows you to quickly enter in the details reported by the entity via Single Touch Payroll. This allows you to reconcile the amounts withheld under PAYG in W2 of the Business Activity Statements against the STP reports.

Review workpaper balances

Ensure that your workpapers balance using the balancing table at the bottom. There is a section at the bottom of the worksheet to allow you to put in an explanation for any variances between the ledger account and the reports to authorities during the year.