MYOB Acumatica EOFY 2022

EOFY Hub for MYOB Acumatica + Payroll

In this EOFY Hub, you’ll find the key resources you’ll need to complete your EOFY processes in MYOB Acumatica. For all the details, refer to the MYOB EOFY Guide.

Disclaimer: The following information is a general guide only. Not to be relied on as legal, accounting, financial or taxation advice. Must be read subject to all documentation provided by MYOB (including release notes, white-papers and guides).

Key payroll changes:

For further detail, refer to the MYOB EOFY Guide.

• Making the transition to STP Phase 2 reporting is mandatory, and we recommend that you turn on STP Phase 2 after completing your next pay run to reduce the EOFY rush. If you are using MYOB’s deferral date, then you must make the switch to STP Phase 2 by August 2022. 
• The following super changes will take effect from 1 July 2022:
  • the super guarantee (SG) percentage will increase from 10% to 10.5%. The new rate must be used to calculate super on payments you make to employees on or after 1 July, even if some or all of the pay period is for work done before 1 July.
  • the $450 per month threshold for super guarantee eligibility will be removed.

• HELP Repayment Threshold changes – CPI indexation.
• The Seasonal Worker Program (SWP) is being replaced by the Pacific Australia Labour Mobility (PALM) scheme.
• Employment Termination Payment (ETP) threshold amounts have changed. You will need to update your payroll setup with the new values.
  

  EOFY Timeline

  June 2022: Transition to STP Phase 2 Reporting to reduce the EOFY rush. You need to enable STP Phase 2 reporting on the Payroll Preferences screen – the transition is not automatic as further configuration is required. See our STP 2 Hub for more information.

  1 July 2022: SG Super changes occur automatically via the Dynamic Calculation Engine (DCE) unless you have ticked ‘override legislated rate’ on your employer super pay item

  14 July 2022: Finalisation Event due. Pay information will be Tax Ready for employees via myGov when the Finalisation Event is submitted successfully. PAYG payment summaries are no longer available – they were superseded by Single Touch Payroll.

  EOFY Guide Release:

  The 2022 EOFY Guide for MYOB Advanced Payroll is available here>

Additional Support documents:

Supported clients can log into our Customer Portal to read our Help Articles on EOFY Processes in MYOB Acumatica:

• Generate Financial Periods
• Open & Close Financial Periods
• Journal Entries - Creating & Editing
• Reverse a Journal Entry
• GL Account Inquiries
• Trial Balance Summary Report
• GL Month-End Processing
• How do I do month end processing?
• How do I perform AP month end processing?
• How do I perform AR month end processing?
• How do I process a BAS?
• How do I process ATO transactions?
• How do I to create a Tax transaction from Journal Transactions to appear on the BAS report?
• How do I perform inventory month end processing?
• How do I perform sales month end processing?