Working with 1 General Ledger > 1-6 Period and Fiscal Year Management > Year-end checklists > New calendar year preparation

New Calendar Year Preparation

Install year-end tax update

Install the year-end tax update included in the software notice.

Update payroll calculations

Update any state or local payroll calculations, as needed, in 5-3-1 Payroll Calculations. Delete calculations that will no longer be used or update rates if required.

Adjust the Default Max to the correct maximums for the selected Max Type. Save the calculations, recall the calculations, and select Options > Update Employees > ALL Employees.

Important! Updating employee calculations using 5-3-1 Payroll Calculations > Options > Update Employees for calculations that involve different rates per employee can cause values to be reset to zero. For example, updating the employee 401 (k) maximum will cause this to happen because the setting varies per employee. If you have variable rates on your payroll calculations, do not update your employee rates from 5-3-1 Payroll Calculations. Calculations that involve different rates per employee need to be updated in each employee's record on the Calculations tab of 5-2-1 Employees.

Maximums for the new year can be found by searching on the topic at http://www.irs.gov/.
The Default Max may need to be updated manually with employees who are having wages garnished.

Change security in the archive company

If required, change security in the archive company by changing the rights of all user groups in 7-2-1 Security Groups to No for Save, Delete, Void, Change Period, and Print Checks. This prevents users from accidentally saving or printing records in the archive.

By setting Groups to No, users can still print reports, but can only view (not print) checks. Each user has the same access they had before closing.

For additional security, in 7-2-2 User List, change the password for the company administrator.

Print year-end reports

Print required year-end reports:

W-2s from 5-4-1 Federal Forms
1099 from 4-5 Vendor 1099 Forms
941 from 5-4-1 Federal Forms