- Check employee gross-to-net amounts on the YTD Payroll Register. Make sure all final adjustments have been entered and processed particularly for 3rd party sick pay, certain business expense reimbursements, the cost of life insurance in excess of $50,000 or employer sponsored health insurance.
- Check all last minute items like address changes, name spellings and social security numbers. You will have a chance to correct these later - but it will be easier now.
- Check your state tax code by displaying to see that information is correct - state codes, names and reporting ID’s.
- Print and review State and Local Tax Analysis.
- Complete all Quarterly Reporting activities.
- GMS Clients: Install December software revisions before proceeding
- GMS Clients: Follow these procedures on your Payroll – Annual Menu
a. Click on the Save/Clear YTD Amts. button. You will be asked to specify the drive and folder on which your database is stored. It will make a copy of that file and save it in the same folder called W2xx-xx-xxBU.mdb ( The xx-xx-xx represents the computer date the file was backed up). It will also copy the information from your year-to-date payroll and deduction tables into W2 tables, and then zero out the year-to-date amounts in the payroll and deduction tables.
b. Check employee files. You should find that year-to- date amounts are now zero.
c. You may now proceed with processing your first payroll in January. W2 printing may take place at your convenience