Preparation is the key – August reconciliation
I know we have just finished with the annual reconciliation. Instead of putting your feet up and making a coffee it is time to prepare for the August reconciliation. Yes you are right our work in payroll is never done. If it not one thing then it is another.
We anticipate that the dates will be the same as last year. August reconciliations to be submitted by end of October 2011.
So what needs to be done?
1) As in the last submission we have to make sure that each employee tax number is entered onto the payroll if there is no tax number
a. Try and retrieve the number from easyfile. If that is not possible
b. Ask the employee for the number
c. If the employee does not know they will have to go to a SARS office and get their number.
(It would be a good idea to make the tax number compulsory on any new employee information sheet)
2) Please check names and address are complete
3) Each employee must have a valid identity number
4) Each employee must have a valid bank account number
5) Last but not least that payroll figures for PAYE,UIF and SDL balance with actual Rands paid (don’t laugh I now they should balance but you will be surprised at the number of clients we have that don’t balance) If they do balance smile. If they don’t now is a good time to find out why.
6) If you have for some reason not yet registered your company on easy file – do it now.
7) If you are running a manual payroll system perhaps it is time to investigate a proper payroll system. Paymaster on line will make the August reconciliation and the printing of Tax certificates an absolute pleasure. Why not make use of our 10 Day free trail. We can have you running your own professional payroll for just R 10 per employee per month in time to do the reconciliations.