payroll year end processing
DESCRIPTION
PAYROLL YEAR END PROCESSING. Before performing the Payroll Year End Processing steps, be sure that you have completed all 2008 payrolls and that you have printed all quarterly reports! - PowerPoint PPT PresentationTRANSCRIPT
PAYROLL
YEAR END PROCESSING
1
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Before performing the Payroll Year End Processing steps, be sure that you have completed all 2008 payrolls and that you have printed all quarterly reports!
Also, be sure to backup your payroll data before beginning the Payroll Year End Processing steps! Save this year end backup in case it is ever needed!
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Step 1 – Year End Process.
Select ‘Year End Process’ from the
main menu.
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Depending on your version of the Freedom
Payroll Program, the first menu selection may read
‘History Report’ . This report displays data from the employee file and is not a recommended or
required report.
The ’Benefits Statement’ is a one page report per
employee and summarizes municipal contributions to employee accounts during
the year.
Click 1 PRINT BENEFITS STATEMENT to display
this report.
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Next , click 2. MOVE DATA TO
HISTORY (in some versions the button may read MOVE TO
HISTORY).
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Answer YES to the warning
message you’ll receive.
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You’ll receive this confirmation message when the process is
finished.
Click OK to return to the
Year End Process window.
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Next, click 3 CLEAR EMPLOYEE TOTALS.
This step zeroes out all MTD, QTD and YTD
totals for all employees and carries forward
leave balances into the new year.
This step is requried and irreversible.
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Answer YES to the warning
message you’ll receive.
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You’ll receive this confirmation message when the process is
finished.
Click OK to return to the
Year End Process window.
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Click EXIT to return to the main Payroll
Program menu.
Step 1 – Year End Process is
now completed!
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Step 2 – Update Tax Tables.
Federal Tax and Social Security
Tables need to be updated prior to
processing the first payroll of the year.
Select ‘Tax Tables ’ from the main menu.
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Use the arrow keys to navigate to the FI tables. These are the federal FICA tables.
This data needs to be updated based on data released by the Federal Government.
Typically you need to update the ‘Max Tax’ field and the
‘FromAmt’ and ‘Flat Tax’ fields on Step 2.
Remember to update the ‘Married’ basis table and also the
‘Single’ basis table.
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Use the arrow keys to navigate to the US tables. These are the
federal tax withholding tables.
This data needs to be updated based on data released by the Federal Government
as available in the ‘Circular E’.
Remember to update the ‘Married’ basis table and also the
‘Single’ basis table.
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Use the arrow keys to navigate to the PA
(or other state) tables. These are the state tax withholding
tables.
This data needs to be updated ONLY if there is a change to your state tax rate.
Remember to update the ‘Married’ basis table and also the
‘Single’ basis table.
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Use the arrow keys to navigate to the SU tables. These are the state unemployment
tax withholding tables.
This data needs to be updated ONLY if there is a change to
your state unemployment tax
rate.
Remember to update the ‘Married’ basis table and also the
‘Single’ basis table.
Depending on your configuration, you may also have a ‘U’
basis table that needs to be updated.
Step 2 – Update Tax Tables is now
complete!
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Step 3 – Create and Print W-2’s.
Select ‘W-2 Processing’ from the
main menu.
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The W-2 process is run from this screen.
Verify the data in the top half of the
window including the tax year, FICA
totals, form (4 is the typical number of W-
2’s on a page) and locality name.
NOTE: You should check this data each time you access this screen. Depending on your version of the program, you
may need to edit it each time.
102,000
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After completing the top half of the window, you are now ready to work with the buttons
on the bottom half.
Start by clicking ‘Re-Add Gross Amts’. This selection will readd all employee activity for
the year and takes awhile to run. Click
YES to the readd prompt as displayed.
Do not interrupt this process and remember that it may take a long time to run. Wait until your ‘hourglass’ has
returned to a ‘pointer’ before continuing to
the next step.
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Next, click ‘Re-Add W2 boxes’. This selection will readd all employee W2 totals for the year and takes awhile to
run.
Read the warning message that displays and answer the prompt
appropriately.
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Do not interrupt the process. You will
receive the displayed confirmation message
when it is finished.
Click OK to complete this process.
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Next, click the appropriate ‘Update to Local …’ button. This selection will update
the W-2 file for all employees with the data based on your
selection.
The top button will use the ‘Locality Name’
located in the top half of this window.
The middle button will use the description of the ‘L-XXX’ local tax withholding code assigned to each
employee.
The bottom button will use each employee’s
city name found in each employee’s
address file.
V
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Regardless of the button selected, you
will receive the display update query message
box.
Answer YES to run the query and complete
this process.
Another message box will appearing
prompting for W-2 tax year. Enter 2008 and
answer Ok to complete this process
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Next, select ‘W2 Maintenance’.
This selection lets you directly edit W-2
information for each employee.
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Edit the W-2 fields as necessary for your
employees.
Click OK then EXIT to return to the W-2
processing screen.
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Next, select ‘Print Register’ to display a report showing each
employee and their W-2 reporting data.
Review and verify the data. If necessary,
return to W-2 maintenance to edit
data or else proceed to printing W-2’s.
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Next, select ‘Print W-2’ to print the W-2’s.
Insert the appropriate W-2 forms in your printer and print a
sample to ensure the print layout is okay.
Then print the W-2’s.
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If you plan to electronically file
your W-2’s with the government,
complete the fields located under
‘Additional Diskette Parameters’.
After you have completed the fields
above, click the ‘Create Fed Diskette
button.
NOTE: This process requires that you
have registered with the government and received a PIN used
for filing. Instructions for
applying for a PIN are available by
contacting the SSA at 1-800-772-6270 or
at http://www.socialsecurity.gov/employer.
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You will receive the displayed confirmation
message when it is finished.
Click OK to complete this process.
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If you plan to electronically file
your W-2’s with your state government, complete the fields
located under ‘Additional Diskette
Parameters’.
After you have completed the fields
above, click the ‘Create State
Diskette button.
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You will receive the displayed confirmation
message when it is finished.
Click OK to complete this process.
Click the EXIT button to return to the main
menu.
Step 3 – Create and Print W-2’s is now
completed.