payroll year end processing

PAYROLL

YEAR END PROCESSING

Use your keyboard arrow keys to move forward and backward through the presentation.Press ESC to exit out of the presentation at any time.

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!

Freedom Systems - Year End Processing Webinar - October 16, 2007 3

Step 1 – Year End Process.

Select ‘Year End Process’ from the

main menu.

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.

Next , click 2. MOVE DATA TO

HISTORY (in some versions the button may read MOVE TO

HISTORY).

Answer YES to the warning

message you’ll receive.

You’ll receive this confirmation message when the process is

finished.

Click OK to return to the

Year End Process window.

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.

Answer YES to the warning

message you’ll receive.

You’ll receive this confirmation message when the process is

finished.

Click OK to return to the

Year End Process window.

Click EXIT to return to the main Payroll

Program menu.

Step 1 – Year End Process is

now completed!

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.

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.

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’.

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.

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

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!

Step 3 – Create and Print W-2’s.

Select ‘W-2 Processing’ from the

main menu.

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

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.

Next, click ‘Re-Add W2 boxes’. This selection will readd all employee W2 totals for the year and takes awhile to

Read the warning message that displays and answer the prompt

appropriately.

Do not interrupt the process. You will

receive the displayed confirmation message

when it is finished.

Click OK to complete this process.

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.

Regardless of the button selected, you

will receive the display update query message

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

Next, select ‘W2 Maintenance’.

This selection lets you directly edit W-2

information for each employee.

Edit the W-2 fields as necessary for your

employees.

Click OK then EXIT to return to the W-2

processing screen.

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.

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.

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.

You will receive the displayed confirmation

message when it is finished.

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.

You will receive the displayed confirmation

message when it is finished.

Click the EXIT button to return to the main

Step 3 – Create and Print W-2’s is now

completed.

payroll year end processing

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