While there is no “year end close” menu option, there are several steps you need to take when you finish a calendar year and begin a new year. V7 determines the “year” based on the dates you enter when you process payrolls and set effective dates.
How to Prepare for the Payroll 2011 Year End Process
- Purchase tax forms
- Verify employees’ social security numbers
- Verify W-2 Box 13 flag settings
- Verify W-2 Box codes
- Review employee benefit taxability & non tax earnings
- Post benefits to history files
- Verify taxable amounts and taxes withheld
NOTE: In the section below titled “Prior To Processing the First Payroll for the Year 2012”, steps 3 Reset Date Controls, 6 Update Pay Period Numbers and Dates, and 7 Holiday Calendar may also be done at this time, if applicable to your company.
Year End Balance and Reconciliation
- Verify the Information you are filing with the Government is correct
Year End Steps
NOTE: Neither W2’s nor 4th Quarter tax reports have to be processed prior to these steps.
- Save OSI Data Files Library
- Update Future Dated Benefits
- Print Employee Benefit Statements (optional)
Prior to Processing the First Payroll for the Year 2012
- Update Tax Tables
- Run Payroll Reports for new W4’s
- Reset Date Controls (optional)
- Reset Workers Comp premium year dates for each company
- Mass Benefit Goal-to-Date Update
- Update Pay period numbers and dates (optional)
Ultimately, the best way to prepare for year-end is to stay up-to-date with documentation and information throughout the entire pay cycle, do not allow there to be room for any surprises.
We leave you with all of these steps that will hopefully lead you to have a Happy Year-End!