Summary

Period YTDs define the taxation year and they are the most significant period-to-date. In employee records, the Payroll | Accum tab accrues values based on the Period YTDs. You can use these values to check the end-of-year figures reported to the taxation authorities and the company. The new Period YTD determines the first Period PTD in the new tax year. Exolvo updates the YTD balances when you close the first pay of the new tax year. It clears the previous year’s values from the Accum tab in employee records and enters values for the new tax year.

Importance

Period YTDs are the most significant period type because:

• Payroll accumulators accrue values based on the Period YTDs.
• When you close the first Period PTD in a new financial year, PayGlobal clears the previous year’s values in the accumulators and adds the values from the first Period PTD.
• The figures used in the end-of-year processing come from the payroll accumulators. They are used in the reports for the taxation authorities and the company.