End of year procedures

Leave Related Tasks

• Leave balances for Malta for the upcoming year will be updated from Talexio's end, in December. Should you like to update these before then, you can amend these from the Leave Entitlements section, by selecting the relevant year.

• Unless you would like to add public holidays from a foreign country, there is no need to worry. Updating of public holidays is done from Talexio’s end in December. However, if you would like to add them yourself, there is an article.

  

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  For users to be able to book leave for the next year, their leave balances for the following year must be updated. Leave balances for Malta will be updated from Talexio’s end during December. However, if you would like your employees to immediately start booking leave for next year, you can set the leave entitlements from your end. 

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  Each company has its own policy regarding how much leave can be carried forward to the next year. If leave is carried over, any leave booked in the current year will first use the carried-forward leave balance before drawing from the current year's entitlement. You can check out the leave carry forward step-by-step process here. 

Payroll Related Tasks

• The Cost of Living Adjustment (COLA) is an annual salary increase designed to keep employees' wages in line with the rising cost of living. This adjustment amount is announced by the government in each year's budget. Employees' salaries must be updated to reflect this increase unless their salary adjustment already includes the COLA. You can check this out for instructions on how to add the COLA to your employees' salaries. 

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  You may also choose to pay employees for any untaken leave that hasn't been used by the end of the year. To do so, you will need to add this to the December payroll.  Talexio will automatically calculate the remaining leave hours and multiply them by the employee’s hourly rate.

• Any new tax rates announced during the year's budget, will be automatically updated on Talexio from our end, ready for use at the start of January.

• For non-monthly payrolls, you might want to close off all payrolls with the end of the year and start fresh paryolls next year. To do so, you will be able to add any pending days when you open the last payroll of the year. If the last payroll of the year overlaps January (i.e. from one year to the next), the payroll will automatically be added to the FS5 of the year which the pay date falls in. Read more here.

• At the end of each year, or when an employee is terminated, employers are obliged to give their employees an FS3. This is a document aggregating an individual employee's gross salary earned, and any taxes and social security paid over a year (or over any period during a year in which the employee worked with a company). Follow these instructions on how to generate FS3 documents.

• Employers with an active PE number are required to submit their FS7, FS3s and electronic lodgement files to the Commissioner for Revenue by mid February of the next year. 

  To prepare for this submission, you will need to generate the documents from Talexio. Click here for a step-by-step guide on how to generate and submit your documents. 

Helpful tools

• Checklists: You can make use of the Checklists to outline the tasks that need to be completed for EOY.
• Announcements: You can make use of the Announcements to alert employees of actions that need to be taken or procedures to be shared.

Webinars

You can check out our webinars on the above by clicking on the links below:

Closing the Year Webinar

End of Year 2024 Submission Webinar

Please note that some elements of the UI in the webinars may appear slightly different due to updates made throughout the year. However, the functionality remains unchanged.

If you have any questions or need assistance, please feel free to reach out to us via our Help Centre or chat function.