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Use the zeroing out method to make YTD figures zero in Reckon One

Learn how to use the zeroing out method in Reckon One. This method makes the entire financial year-to-date (YTD) figures zero, and it helps avoid having your employees see duplicate income statements when changing from Reckon One to another payroll software. It can also be used to fix mistakes in previously reported YTD data if values cannot be corrected through an adjustment.

When to use the zeroing out method

Use the zeroing out method when:

  • Transitioning between payroll systems, when moving from one payroll software to another during the financial year. Before submitting YTD data from the new system, the old system’s YTDs should be zeroed out and finalised with the ATO to prevent duplicate reporting.
  • Fixing mistakes in previously reported YTD data. If incorrect YTD values were reported and cannot be corrected through a normal update or adjustment, a zero-out submission may be used to clear incorrect figures, followed by a fresh submission with corrected data.

Create a draft finalisation with figures at zero

To use the zeroing out method, you must create an EOFY finalisation in Reckon One, and set the figures to zero:

  1. Go to the Payroll menu, then select EOFY.
  2. (Optional) Use the Financial year drop down box to change financial year, if needed.
  3. Select the Start finalisation or New finalisation button.
  4. Select the employees who you want to include. Only employees relevant to the selected financial year are shown.
  5. Check the Replace all values with $0.00 checkbox.
  6. Select Continue to finalisation.
  7. This will create a draft finalisation with all figures at $0.00.

Submit the finalisation

  1. Click the Submit to ATO button.
  2. Enter the name of the person authorised to submit to the ATO.
  3. (Optional) If you’re an agent submitting on behalf of a business owner, switch the toggle to Submit as agent.
  4. Select the checkbox to confirm that the information is true and correct, and that you’re authorized to make the declaration.
  5. Select Submit to the ATO.
  6. The report will now have a status of Pending while it awaits a response from the ATO.
  7. You’ll need to check back to ensure your submission has been successful, or if not, to resolve errors.

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