Step 5: Setting Up the Financial Year Calendar

This is a mandatory step of the Company Creation Wizard where you are required to create a current financial year calendar for the company and install the tax scales for the current year.

Setting Up Your Financial Year Calendar:

1. Select the year in which the current financial year will end. For example, the 2015-2016 financial year ends in 2016.
2. Enter the first month of the financial year.
3. Enter the number of weeks for each month.

If your payroll period ends on a Friday, you will enter the number of Fridays in the month. You need to enter all four or five Fridays that fall in the month, even if your payroll is processed fortnightly. There must be a total of 52 or 53 weeks.

4. Once you have entered all the information required, click Next.