Tips to Prepare for End of Year Processing for Payroll

In the next few weeks we will release our end-of-year update for The Financial Edge that ensures compliance with various tax regulations.   You must install the update to ensure compliance with 1099 forms, 1096 forms, W-2s, W-3s, and magnetic media file changes. You can subscribe to Software Update Notifications, a maintenance benefit, to receive an email the day after a new product update or cumulative patch is released and available for download.

Get a head start for next year’s payroll; your employees will be grateful to receive their checks on time.

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• How to add or update federal and state tax tables:  BB246638
  
• How to add a new pay schedule:  BB221776
  
• How to copy a new pay schedule: BB269174
  
• How to add a new Pay Type: BB163850
  
• How to globally add and expire a Pay Type, Benefit, Deduction, Attendance Record, Event, or Attendance Plan to employees: BB708025
  
• How to use the change compensation wizard to change a deduction, compensation, benefit, or give a raise: BB313160
  
• How to configure The Financial Edge to report the Affordable Care Act:  BB728129
  
• How to verify qualification for the Small Business Health Care Tax Credit for Small Employers: BB728387
  

Prepare for printing W-2’s:

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• How to reconcile the 941 Tax Report in Payroll 7:BB242156
  
• How to register tax reports: BB237176
  
• Use the W-2 Wizard to make any adjustments that may be needed
  

Additionally, we offer a number of trainings you may find useful:

Instructor-led Classes:

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• End of Year in Accounts Payable
  
• End of Year in General Ledger
  
• End of Year in Payroll – Preparing for the New Year
  
• End of Year in Payroll – W2 Preparation and Distribution
  
• End of Year in Student Billing
  

Library:

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• The Financial Edge Library: Preparing for Fiscal End-of-Year
  

Curriculum:

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• Gear Up for Your Year-End Audit