Time to Prepare for Year End – Payroll

The multi-year functionality in the Version 19.2 upgrade will have a huge impact on the timing of the General Ledger fiscal year end closing.  However, it does not change the need to close payroll timely at the end of the calendar year or the need to file Form W-2 during the month of January.  With that in mind, it is not too early to start looking at your payroll data to ensure a smooth calendar year end closing.

If you are responsible for filing your Forms W-2 and payroll tax returns (i.e., you’re not using an outside payroll service like PayChex, ADP, or a PEO or “employee leasing” arrangement), ensure that you have current and complete names, addresses and social security numbers for all employees in their 5-2-1 records.  Run payroll audits more frequently between now and the end of the year, and identify and correct problems. 

Even if you are not responsible for filing your own payroll taxes, it is always a good idea to reconcile payroll checking accounts and review items not clearing the bank for problems that may affect reported payrolls.