Project Task summary: This task requires you, in the role of Payroll Officer for Oz Office Supplies, to set and maintain a payroll system using up a computerised payroll system for the company (MYOB). You will be required to produce a number of payroll reports as outlined in the assessment. This assessment is to be completed in the simulated work environment within the Classroom. You need to access the following Documents from Moodle: Company Information Employee Information Payroll Preparation Report Template Payroll Policy and Procedures Time Sheet Summary Timesheet You must submit the following below to your Assessor: (a) Payroll Preparation Report. (b) Email requesting approval for processing the payroll. (c) Pay slips for Alice Brown, Ben Clark and Chris Dean for four weeks (d) Email requesting approval for altering the payroll. (e) Email with the following attachments: I. Payroll summary report for June 2020 II. Payroll register report for June 2020 III. Payroll activity (summary) report for June 2020 IV. Profit and Loss Statement for June 2020 V. Balance Sheet as at 30 June 2020 VI. Entitlement Balance (summary) report for June 2020 VII. Superannuation accrual by fund (summary) report for June 2020 (f) Email with the following attachments: I. Payroll register (summary) report for year ended June 2020 II. Payroll activity (summary) report for year ended June 2020 III. Profit and Loss Statement for year ended June 2020 IV. Payroll Summary report for year ended June 2020 V. Entitlement Balance (summary) for the year ended 30 June 2020 VI. Balance sheet for year ended 30 June 2020 VII. Payment summaries for the 30 June 2020 financial year for each employee. (g) Email giving data to be included in the IAS and BAS (h) Procedure for back up and disaster recovery. Complete the following Activities: 1. Payroll System Preparation: Review Company Information and Employee Information so that you are familiar with the information you need to establish and maintain the payroll system. Review the Oz Office Supplies Payroll Policy and Procedures too as you will need to follow these throughout this assessment. Conduct research to identify the following: Scope of services Describe the scope of payroll services that a BAS Agent can provide. Also find out how the services provided by a bookkeeper differ to that of a registered BAS Agent. Experts Locate, and record the details of at least two local experts who could help if assistance was required with payroll services. Give the name of the individuals or companies, their contact details, and the services they provide. Termination Name and outline the legislation that covers notice of termination and final pay for Australian workers. Use the Fair Work Ombudsman website below to help you identify how much notice Oz Office Supplies employees must be given if their employment is to be terminated. List also the companys payroll obligations to the terminated employee if Oz Office Supplies decides to pay an employee out rather than let them work out their notice period. Required: Write a short (about a page) report that includes the information that you have collected on the above. Use the Payroll Preparation Report Template to guide your work. 2. Set Up Payroll System: Using the Company Information and Employee Information for Oz Office Supplies, set up the payroll system for the company as outlined below. Before you start this task, find out about annual leave entitlements as set out in the National Employment Standards, based on the employment status of each employee. You will need to use this information when setting up the payroll system and when you are required to explain entitlements to your assessor. Complete all of the following tasks: (a) Click on the Load Tax Tables button to check that the latest tax tables have been included. Show your assessor how to use the system to check for updates. (b) Set up Payroll Information as per the company information provided to you. (c) Assign linked payroll accounts. (d) Review payroll categories included in MYOB and enter the information provided to you. In some cases, MYOB automatically includes the information and you will need to check this. (e) Build the employee list by using the Employee Information provided to you. As you are entering the information about annual leave, explain to your assessor standard employment entitlement for annual leave according to the National Employment Standards. (f) One of the employees, Alice Brown has a salary sacrifice arrangement in place whereby he pays an additional 2% of his salary into superannuation. Enter this amount into MYOB under superannuation. Explain to your assessor what salary sacrifice (sometimes also known as salary packaging) is. Give at least three examples of salary sacrificed benefits and three important considerations for a salary sacrifice arrangement. You should also explain Fringe Benefits. Your assessor will make notes on your verbal explanation in the checklist. (g) As stated in the information provided to you, one of the employees is covered by an Award. Ask your assessor about their entitlements in relation to Rostered Days Off. Your assessor will provide these to you. Enter this information into MYOB to allow for rostered days off. If you do not know how to enter rostered days off into MYOB, use the help function to assist you to enter this information or research this information on the Internet. (h) When you have completed entering all of the employee information, open the cards for each employee and check the information you have entered into MYOB for each employee against the employee information provided to you to make sure it is all correct. Edit any errors. (i) Ensure that ensure the security of your MYOB company file according to the Oz Office Supplies Payroll Policy and Procedures. You should also explain to your assessor who may access records according to the policy, how often passwords must be changed and why. 3. Prepare and Process Payroll: You are required to process payroll according to the time frame identified in the Oz Office Supplies Payroll Policy and Procedures and according to the Time Sheet Summary Assume that you are provided the time sheet summaries each week, as set out in the Payroll Policy and Procedures. Complete all of the actions that are required by the Payroll Policy and Procedures to process the payroll for the week ending 7 June 2020, noting that this will also include payment of superannuation (payroll liabilities). 4. Send an Email to the Finance Manager (Your Assessor): It should state that the payroll details have been entered into MYOB and seek their approval to process the pays as set out in the Payroll Policy and Procedures. Your assessor in the role of the Finance Manager will give their approval or ask you to make any necessary alterations verbally. 5. Process the Payroll: You are required to process the pay and submit the pay slips for Alice Brown, Ben Clark and Chris Dean and prepare electronic payments for the week ending 7/6/20. Your assessor will check these to make sure you have entered all of the information accurately. 6. Process further Payroll Periods: Repeat this process that you carried out in activity 4 for weeks ending 14/6/20, 21/6/20 and 28/6/20 using the information provided to you. It is not necessary for you to email the Finance Manager for their approval for these weeks. Submit the payslips for the three employees to your assessor. 7. Handle Discrepancies: Assume you have received the following email from Chris, one of the employees. Dear Payroll Officer I have just received my pay slip for the week. I have only been paid for 12 hours, whereas in fact I worked 21 hours. Can you please update this, so I can be paid the correct amount? Thanks Chris Review the Payroll Policy and Procedures and follow the correct procedure for handling discrepancies. Assume that your assessor is the Administration Manager. Once you receive approval, you should also demonstrate to your assessor how to make the relevant change in MYOB. 8. Produce Payroll Records: The Oz Office Supplies Payroll Policy and Procedures state that when you have completed the tasks above, you are required to submit the following end of month reports: I. Payroll summary report for June 2020 II. Payroll register report for June 2020 III. Payroll activity (summary) report for June 2020 IV. Profit and Loss Statement for June 2020 V. Balance Sheet as at 30 June 2020 VI. Entitlement Balance (summary) report for June 2020 VII. Superannuation accrual by fund (summary) report for June 2020 Create a folder and save all of the summary reports you have generated as pdf files. Follow the Oz Office Supplies policy on storage of electronic files to store all end of month reports under Payroll summary reports for the month in question. 9. Send an Email to your Assessor: It should introduce and summarise the contents of the attachments. Attach the payroll records that you created to the email. 10. Complete Checks and Balances: This part of the assessment requires you to complete checks and balances as follows: a) Check that the payroll activity report and the payroll register report match and that the subsidiary ledger agrees with the control accounts. b) Complete the reconciliations of payroll on the June Payroll Checklist as provided. c) Reconcile the PAYG withholding. d) Pay payroll liabilities including Health Insurance, Union Fees, Superannuation and PAYG withholding to the ATO. e) Check the balance sheet as at 30-06-2020 to confirm all payroll liabilities have been paid. Create and save a copy of each of these reports: I. Payroll register (summary) report for year ended June 2020 II. Payroll activity (summary) report for year ended June 2020 III. Profit and Loss Statement for year ended June 2020 IV. Payroll Summary report for year ended June 2020 V. Entitlement Balance (summary) for the year ended 30 June 2020 VI. Balance sheet for year ended 30 June 2020 VII. As you need to reconcile gross wages and superannuation for the 2019/20 financial year, prepare the payment summaries for the 30 June 2020 financial year for each employee. 11. Send an Email to your Assessor: It should introduce and summarise the contents of the attachments and advise them of the payroll information from the reports that are to be included in the IAS and BAS. The email text should also explain to your assessor at least one cause why reports might not reconcile and how to rectify this. Attach the six reports and the payment summary for each employee to the email. 12. Update Records: Assume that Alice Brown has recently had a salary review and his salary has been increased to $59,500. Update his records. Show your assessor that you know how to do this in MYOB. 13. Establish a Backup and Disaster Recovery System: Assume that you have been tasked to ensure that there is a strong back up and disaster recovery system in place. Research how to do this for MYOB and then write a simple procedure for back up and disaster recovery. Create a new Word document and write the procedure in this. Submit it with this Assessment Task. Create a backup file and store it as set out in your procedure. Your assessor will observe you doing this. FNSTPB402 Establish and Maintain Payroll Systems Assessment Task 02 Project Checklist to be completed by Trainer: Student Name: Student ID: Did the student: Completed successfully Yes No Correctly identify and report on the scope of payroll services that a BAS agent can provide? Correctly identify and report on situations relating to payroll for which an expert may be required? Identify and report on at least two relevant experts and the services they provide as well as their contact details? Correctly set up the payroll function within Student MYOB software using the company and employee data provided and including: o Confirming year for tax tables o Confirming payroll year o Assigning linked payroll accounts o Entering and reviewing payroll categories Correctly enter all employee information into MYOB according to the source data provided (Oz Office Supplies company and employee data)? Correctly advise of annual leave entitlements as set out in the National Employment Standards? Correctly set up salary packaging arrangements in MYOB for the employee Alice Brown? Correctly explain salary sacrifice and outline three examples of salary sacrificed benefits? Notes: Ask assessor about details to be set up within payroll system for Ben Clark with regard to award requirements for RDOs and correctly enter into MYOB? Check employee information included in MYOB within each employee card against source data and make adjustments as required? According to the payroll procedures, correctly process payroll, submit pay Student Name: Student ID: Did the student: Completed successfully Yes No slips and prepared electronic payment for all employees for each week specified? Send an email to the Finance Manager to request approval to process payments as set out in the Payroll Policy and Procedures? Correctly explain payroll discrepancy in writing via email according to Oz Office Supplies procedures? Correctly update payroll data for employee in MYOB according to information received from the Administration Manager? Correctly produce and reconcile month-end and year-end checklists? Payroll summary report for June 2020 Payroll register report for June 2020 Payroll activity (summary) report for June 2020 Profit and Loss Statement for June 2020 Balance Sheet as at 30 June 2020 Entitlement Balance (summary) report for June 2020 Superannuation accrual by fund (summary) report for June 2020 Payroll register (summary) report for year ended June 2020 Payroll activity (summary) report for year ended June 2020 Profit and Loss Statement for year ended June 2020 Payroll Summary report for year ended June 2020 Entitlement Balance (summary) for the year ended 30 June 2020 Balance sheet for year ended 30 June 2020 Correctly reconcile Gross Wages and Superannuation including: Checking that the payroll activity report and the payroll register report match and that the subsidiary ledger agrees with the control accounts. Completing the reconciliations of payroll on the June Payroll Checklist as provided. Reconciling the PAYG withholding. Paying payroll liabilities including Health Insurance, Union Fees, Superannuation and PAYG withholding to the ATO. Checking the balance sheet as at 30-06-2020 to confirm all payroll liabilities have been paid? Provide correct and accurate data via email to the Finance Manager (assessor) for BAS and IAS reporting? Correctly update payroll records for Alice Brown salary updates? Develop a simple backup and recovery procedure for Oz Office Supplies Student Name: Student ID: Did the student: Completed successfully Yes No based on research? Make a backup copy and store as set out in the backup and recovery procedure developed? Name of Trainer: Signature: