FNSTPB402 Establish and Maintain

FNSTPB402 Establish and Maintain Payroll Systems

Crown Institute of Business and Technology Pty Ltd ABN 86 116 018 412 National Provider No: 91371 CRICOS Provider Code: 02870DNorth Sydney Campus: 116 Pacific Highway North Sydney NSW 2060 P 02 9955 0488 F 02 9955 3888Sydney CBD Campus: Level 5, 303 Pitt St Sydney NSW 2000 P 02 8959 6340 F 02 9955 3888Sydney CBD Campus: Level 11, 307 Pitt St Sydney NSW 2000 P 02 8034 6431Canberra Campus: Suite 1, Level 4, 40 Cameron Avenue, Belconnen, ACT 2617 P 02 6253 5184FNSTPB402 Assessment Task 02 v1.1 Page 1 of 9FNSTPB402 Establish and Maintain Payroll SystemsAssessment Task 02 ProjectTask summary:This task requires you, in the role of Payroll Officer for Oz Office Supplies, to set andmaintain 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 theassessment. This assessment is to be completed in the simulated work environmentwithin 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 TimesheetYou 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.III.IV.V.VI.VII.Payroll register report for June 2020Payroll activity (summary) report for June 2020Profit and Loss Statement for June 2020Balance Sheet as at 30 June 2020Entitlement Balance (summary) report for June 2020Superannuation 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.III.IV.V.VI.VII.Payroll activity (summary) report for year ended June 2020Profit and Loss Statement for year ended June 2020Payroll Summary report for year ended June 2020Entitlement Balance (summary) for the year ended 30 June 2020Balance sheet for year ended 30 June 2020Payment 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.Crown Institute of Business and Technology Pty Ltd ABN 86 116 018 412 National Provider No: 91371 CRICOS Provider Code: 02870DNorth Sydney Campus: 116 Pacific Highway North Sydney NSW 2060 P 02 9955 0488 F 02 9955 3888Sydney CBD Campus: Level 5, 303 Pitt St Sydney NSW 2000 P 02 8959 6340 F 02 9955 3888Sydney CBD Campus: Level 11, 307 Pitt St Sydney NSW 2000 P 02 8034 6431Canberra Campus: Suite 1, Level 4, 40 Cameron Avenue, Belconnen, ACT 2617 P 02 6253 5184FNSTPB402 Assessment Task 02 v1.1 Page 2 of 9Complete the following Activities:1. Payroll System Preparation:Review Company Information and Employee Information so that you are familiar withthe information you need to establish and maintain the payroll system. Review the OzOffice Supplies Payroll Policy and Procedures too as you will need to follow thesethroughout this assessment.Conduct research to identify the following: Scope of servicesDescribe the scope of payroll services that a BAS Agent can provide. Also find out howthe services provided by a bookkeeper differ to that of a registered BAS Agent. ExpertsLocate, and record the details of at least two local experts who could help if assistancewas required with payroll services. Give the name of the individuals or companies, theircontact details, and the services they provide. TerminationName and outline the legislation that covers notice of termination and final pay forAustralian workers. Use the Fair Work Ombudsman website below to help you identifyhow much notice Oz Office Supplies employees must be given if their employment is tobe terminated. List also the companys payroll obligations to the terminated employee ifOz Office Supplies decides to pay an employee out rather than let them work out theirnotice period.Required: Write a short (about a page) report that includes the information that youhave collected on the above. Use the Payroll Preparation Report Template to guide yourwork.2. Set Up Payroll System:Using the Company Information and Employee Information for Oz Office Supplies, set upthe payroll system for the company as outlined below.Before you start this task, find out about annual leave entitlements as set out in theNational 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 youare 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 beenincluded. Show your assessor how to use the system to check for updates.Crown Institute of Business and Technology Pty Ltd ABN 86 116 018 412 National Provider No: 91371 CRICOS Provider Code: 02870DNorth Sydney Campus: 116 Pacific Highway North Sydney NSW 2060 P 02 9955 0488 F 02 9955 3888Sydney CBD Campus: Level 5, 303 Pitt St Sydney NSW 2000 P 02 8959 6340 F 02 9955 3888Sydney CBD Campus: Level 11, 307 Pitt St Sydney NSW 2000 P 02 8034 6431Canberra Campus: Suite 1, Level 4, 40 Cameron Avenue, Belconnen, ACT 2617 P 02 6253 5184FNSTPB402 Assessment Task 02 v1.1 Page 3 of 9(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 toyou. In some cases, MYOB automatically includes the information and you will needto check this.(e) Build the employee list by using the Employee Information provided to you. As youare entering the information about annual leave, explain to your assessor standardemployment entitlement for annual leave according to the National EmploymentStandards.(f) One of the employees, Alice Brown has a salary sacrifice arrangement in placewhereby he pays an additional 2% of his salary into superannuation. Enter this amountinto MYOB under superannuation. Explain to your assessor what salary sacrifice (sometimes also known as salarypackaging) is. Give at least three examples of salary sacrificed benefits and three importantconsiderations 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 anAward. 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 forrostered days off. If you do not know how to enter rostered days off into MYOB, usethe help function to assist you to enter this information or research this informationon the Internet.(h) When you have completed entering all of the employee information, open the cardsfor each employee and check the information you have entered into MYOB for eachemployee against the employee information provided to you to make sure it is allcorrect. Edit any errors.(i) Ensure that ensure the security of your MYOB company file according to the OzOffice Supplies Payroll Policy and Procedures. You should also explain to yourassessor who may access records according to the policy, how often passwords mustbe changed and why.Crown Institute of Business and Technology Pty Ltd ABN 86 116 018 412 National Provider No: 91371 CRICOS Provider Code: 02870DNorth Sydney Campus: 116 Pacific Highway North Sydney NSW 2060 P 02 9955 0488 F 02 9955 3888Sydney CBD Campus: Level 5, 303 Pitt St Sydney NSW 2000 P 02 8959 6340 F 02 9955 3888Sydney CBD Campus: Level 11, 307 Pitt St Sydney NSW 2000 P 02 8034 6431Canberra Campus: Suite 1, Level 4, 40 Cameron Avenue, Belconnen, ACT 2617 P 02 6253 5184FNSTPB402 Assessment Task 02 v1.1 Page 4 of 93. Prepare and Process Payroll:You are required to process payroll according to the time frame identified in the OzOffice Supplies Payroll Policy and Procedures and according to the Time Sheet SummaryAssume that you are provided the time sheet summaries each week, as set out in thePayroll Policy and Procedures.Complete all of the actions that are required by the Payroll Policy and Procedures toprocess the payroll for the week ending 7 June 2020, noting that this will also includepayment 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 theirapproval to process the pays as set out in the Payroll Policy and Procedures. Yourassessor in the role of the Finance Manager will give their approval or ask you to makeany necessary alterations verbally.5. Process the Payroll:You are required to process the pay and submit the pay slips for Alice Brown, Ben Clarkand Chris Dean and prepare electronic payments for the week ending 7/6/20. Yourassessor will check these to make sure you have entered all of the informationaccurately.6. Process further Payroll Periods:Repeat this process that you carried out in activity 4 for weeks ending 14/6/20, 21/6/20and 28/6/20 using the information provided to you. It is not necessary for you to emailthe 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 OfficerI have just received my pay slip for the week. I have only been paid for 12 hours, whereas infact I worked 21 hours.Can you please update this, so I can be paid the correct amount?Thanks ChrisCrown Institute of Business and Technology Pty Ltd ABN 86 116 018 412 National Provider No: 91371 CRICOS Provider Code: 02870DNorth Sydney Campus: 116 Pacific Highway North Sydney NSW 2060 P 02 9955 0488 F 02 9955 3888Sydney CBD Campus: Level 5, 303 Pitt St Sydney NSW 2000 P 02 8959 6340 F 02 9955 3888Sydney CBD Campus: Level 11, 307 Pitt St Sydney NSW 2000 P 02 8034 6431Canberra Campus: Suite 1, Level 4, 40 Cameron Avenue, Belconnen, ACT 2617 P 02 6253 5184FNSTPB402 Assessment Task 02 v1.1 Page 5 of 9Review the Payroll Policy and Procedures and follow the correct procedure for handlingdiscrepancies. Assume that your assessor is the Administration Manager.Once you receive approval, you should also demonstrate to your assessor how to makethe relevant change in MYOB.8. Produce Payroll Records:The Oz Office Supplies Payroll Policy and Procedures state that when you havecompleted the tasks above, you are required to submit the following end of monthreports:I. Payroll summary report for June 2020II. Payroll register report for June 2020III. Payroll activity (summary) report for June 2020IV. Profit and Loss Statement for June 2020V. Balance Sheet as at 30 June 2020VI. Entitlement Balance (summary) report for June 2020VII. Superannuation accrual by fund (summary) report for June 2020Create 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 ofmonth 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 payrollrecords 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 andthat 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 andPAYG withholding to the ATO.e) Check the balance sheet as at 30-06-2020 to confirm all payroll liabilities havebeen paid.Create and save a copy of each of these reports:I. Payroll register (summary) report for year ended June 2020II. Payroll activity (summary) report for year ended June 2020III. Profit and Loss Statement for year ended June 2020IV. Payroll Summary report for year ended June 2020V. Entitlement Balance (summary) for the year ended 30 June 2020Crown Institute of Business and Technology Pty Ltd ABN 86 116 018 412 National Provider No: 91371 CRICOS Provider Code: 02870DNorth Sydney Campus: 116 Pacific Highway North Sydney NSW 2060 P 02 9955 0488 F 02 9955 3888Sydney CBD Campus: Level 5, 303 Pitt St Sydney NSW 2000 P 02 8959 6340 F 02 9955 3888Sydney CBD Campus: Level 11, 307 Pitt St Sydney NSW 2000 P 02 8034 6431Canberra Campus: Suite 1, Level 4, 40 Cameron Avenue, Belconnen, ACT 2617 P 02 6253 5184FNSTPB402 Assessment Task 02 v1.1 Page 6 of 9 VI.VII.Balance sheet for year ended 30 June 2020As you need to reconcile gross wages and superannuation for the 2019/20financial year, prepare the payment summaries for the 30 June 2020 financial yearfor each employee. 11. Send an Email to your Assessor:It should introduce and summarise the contents of the attachments and advise them ofthe payroll information from the reports that are to be included in the IAS and BAS. Theemail text should also explain to your assessor at least one cause why reports might notreconcile and how to rectify this. Attach the six reports and the payment summary foreach employee to the email.12. Update Records:Assume that Alice Brown has recently had a salary review and his salary has beenincreased to $59,500. Update his records. Show your assessor that you know how to dothis 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 disasterrecovery system in place. Research how to do this for MYOB and then write a simpleprocedure for back up and disaster recovery.Create a new Word document and write the procedure in this. Submit it with thisAssessment Task.Create a backup file and store it as set out in your procedure. Your assessor will observeyou doing this.Crown Institute of Business and Technology Pty Ltd ABN 86 116 018 412 National Provider No: 91371 CRICOS Provider Code: 02870DNorth Sydney Campus: 116 Pacific Highway North Sydney NSW 2060 P 02 9955 0488 F 02 9955 3888Sydney CBD Campus: Level 5, 303 Pitt St Sydney NSW 2000 P 02 8959 6340 F 02 9955 3888Sydney CBD Campus: Level 11, 307 Pitt St Sydney NSW 2000 P 02 8034 6431Canberra Campus: Suite 1, Level 4, 40 Cameron Avenue, Belconnen, ACT 2617 P 02 6253 5184FNSTPB402 Assessment Task 02 v1.1 Page 7 of 9FNSTPB402 Establish and Maintain Payroll SystemsAssessment Task 02 ProjectChecklist to be completed by Trainer: Student Name:Student ID:Did the student:Completed successfullyYesNoCorrectly identify and report on the scope of payroll services that a BASagent can provide?Correctly identify and report on situations relating to payroll for which anexpert may be required?Identify and report on at least two relevant experts and the services theyprovide as well as their contact details?Correctly set up the payroll function within Student MYOB software usingthe company and employee data provided and including:o Confirming year for tax tableso Confirming payroll yearo Assigning linked payroll accountso Entering and reviewing payroll categoriesCorrectly enter all employee information into MYOB according to thesource data provided (Oz Office Supplies company and employee data)?Correctly advise of annual leave entitlements as set out in the NationalEmployment Standards?Correctly set up salary packaging arrangements in MYOB for the employeeAlice Brown?Correctly explain salary sacrifice and outline three examples of salarysacrificed benefits?Notes:Ask assessor about details to be set up within payroll system for Ben Clarkwith regard to award requirements for RDOs and correctly enter intoMYOB?Check employee information included in MYOB within each employee cardagainst source data and make adjustments as required?According to the payroll procedures, correctly process payroll, submit pay Crown Institute of Business and Technology Pty Ltd ABN 86 116 018 412 National Provider No: 91371 CRICOS Provider Code: 02870DNorth Sydney Campus: 116 Pacific Highway North Sydney NSW 2060 P 02 9955 0488 F 02 9955 3888Sydney CBD Campus: Level 5, 303 Pitt St Sydney NSW 2000 P 02 8959 6340 F 02 9955 3888Sydney CBD Campus: Level 11, 307 Pitt St Sydney NSW 2000 P 02 8034 6431Canberra Campus: Suite 1, Level 4, 40 Cameron Avenue, Belconnen, ACT 2617 P 02 6253 5184FNSTPB402 Assessment Task 02 v1.1 Page 8 of 9 Student Name:Student ID:Did the student:Completed successfullyYesNoslips and prepared electronic payment for all employees for each weekspecified?Send an email to the Finance Manager to request approval to processpayments as set out in the Payroll Policy and Procedures?Correctly explain payroll discrepancy in writing via email according to OzOffice Supplies procedures?Correctly update payroll data for employee in MYOB according toinformation 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 2020Correctly reconcile Gross Wages and Superannuation including: Checking that the payroll activity report and the payroll register reportmatch and that the subsidiary ledger agrees with the control accounts. Completing the reconciliations of payroll on the June Payroll Checklistas 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 payrollliabilities 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 Crown Institute of Business and Technology Pty Ltd ABN 86 116 018 412 National Provider No: 91371 CRICOS Provider Code: 02870DNorth Sydney Campus: 116 Pacific Highway North Sydney NSW 2060 P 02 9955 0488 F 02 9955 3888Sydney CBD Campus: Level 5, 303 Pitt St Sydney NSW 2000 P 02 8959 6340 F 02 9955 3888Sydney CBD Campus: Level 11, 307 Pitt St Sydney NSW 2000 P 02 8034 6431Canberra Campus: Suite 1, Level 4, 40 Cameron Avenue, Belconnen, ACT 2617 P 02 6253 5184FNSTPB402 Assessment Task 02 v1.1 Page 9 of 9 Student Name:Student ID:Did the student:Completed successfullyYesNobased on research?Make a backup copy and store as set out in the backup and recoveryprocedure developed?Name of Trainer: Signature:

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