Reference no: EM132543686

FNSTPB402 Establish and Maintain Payroll Systems - Crown Institute of Business and Technology

Assessment Task

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 company's 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.

Attachment:- Establish and Maintain Payroll Systems.rar