Accounting: end of year: introduction
Accounting and Financials provides the functionality to manage PAYE financial events alongside the other financial functions Reconciliation and Debits and Credits. Debits and Credits is fully automated and has no ’tile’ for user input. You access Accounting functionality by selecting Financial Events Summary within Accounting on the Navigation Menu on the customer’s PAYE Service record.
Accounting enables the PAYE Service to process
- Underpayments and overpayments
- Payments into HMRC and repayments to customers
- In-year / end of year reconciliation, or transfers of SA tax underpayments using the SA to National Insurance and PAYE Service (NPS) interface, or manually input by a user
Accounting allows permitted users to
- View underpayment, overpayment, payment and repayment details
- Input, update and cancel financial events
All transaction details are posted to and recorded by the Accounting function and Accounting records whether a customer’s income tax liability for a tax year is balanced, overpaid or underpaid.
Accounting and Financials must also provide Accounting Reports for all financial transactions that are processed by the PAYE Service.