What are the essential reports needed to generate for the Annual EMP501 Submission?
To ensure a smooth Annual EMP501 Submission (IRP5) for the period 1 April 2024 to 31 May 2024, it’s essential to have the “Essential Reports needed for Annual EMP501 Submission”.
These submissions generate employee tax certificates for the period 1 March – 29 Feb 2024.
A guide to the reports needed for the IRP5 submissions:
Note: The report examples and directions provided are specific to the Paymaster Payroll system.
Step 1:
Balancing EMP201 and EMP501 Reports: Key reports for EMP501 submission
To begin, generate the EMP201 Report and EMP201 Breakdown Report from Reports > Reports > Standard (Classic) > Legislative. Additionally, generate the EMP501 Report for the selected tax year.
Step 2:
Identifying Discrepancies between EMP201 and EMP501: Key reports for EMP501 submission
Next, identify discrepancies between EMP201 and the consolidated EMP501 by generating the following reports: For ETI imbalances, navigate to Reports > Reports > Standard (Classic) > Legislative and generate the EMP501 ETI Breakdown Report and ETI Take On report. For Tax, UIF, & SDL imbalances, navigate to Reports > Reports > Standard > Payroll and generate the Component Variance Report and Payroll Reconciliation Report. For employee biographical information, navigate to Reports > Reports > Standard > HR and generate the Dynamic Employee Details and New Engagements and Terminations reports.
Step 3:
Generating Test and Live CSV Files: Key reports for EMP501 submission
Once EMP501 reconciles with monthly EMP201s, generate Test and Live CSV Files per frequency for the correct submission period. Navigate to Reports > Tax Certificate Run to generate the Test CSV File. Upon successful validation, export the Live CSV File accordingly.
These reports will streamline the EMP501 reconciliation process and ensure accurate submissions.
Check out our VIDEO on how to reconcile the submission on PAYROLL and EASYFILE. Click Here
Need some assistance?
Read our article for the 8 Steps to Complete the EMP501Submission
Our support team is ready and waiting to help. Please reach out to our helpdesk at help@paymaster.co.za or 021 712 7333.
