Close off a Financial Year (NZ)

Process Final Pay Runs for FY 2023/24

You need to process any pay runs that need to be recorded and paid on or before 31 March 2024, so that when you submit your Employment Information (EI), the data will be included in the correct financial year.

Follow your existing payroll processes to complete any outstanding pay runs. This includes lump sum and termination pays.

Ensure you select the correct pay period and pay date in the 2023/24 FY before adding employees to lump sum payment if those wages need to be included in the 2023/24 FY.

Lock 2023/24 Financial Year

Once you’ve completed all pays for the 2023/24 FY and have reconciled payroll reports, you can lock the financial year.  

You will not be able to process pays with a pay date between 1 April 2023 and 31 March 2024 in Astute, so only lock the financial year when you are sure that no more amendments need to be made to pays in the 2023/24 financial year.

Amendments to 2023/24 Earnings after the Financial Year is Locked

If you need to make adjustments to a 2023/24 earnings after the financial year has been locked, you will need to unlock the financial year and then process an adjustment.

To amend the gross wages, tax withheld, allowances, deductions or KiwiSaver amounts:

1. Go to Config > Payroll > Tax Years.

2. Untick the checkbox next to the NZ 23/24 Tax Year to unlock it, then click Save.

3. Create the manual adjustments to the employee’s payroll for 2023/24.

4. Re-lock the tax year.

5. Submit any outstanding EI files for Payday Filing.