Step_7._Finishing_up

Step 7. Finishing up

 

If you have printed all payroll reports for the tax year AND you have updated all transactions for the tax year to the General Ledger, there are three steps to complete. First, you’ll close the current payroll year. Closing the payroll year means the transactions in the closed year will be locked. Next, you’ll update the new federal tax rates and last, you'll update the state tax rates. When you’re done, the Payroll application will be ready to go for the new payroll year.

Watch a video

 

 

STOP!

Have you printed all payroll reports for the tax year?

  • Yes, I have printed all payroll reports for the tax year. Continue to the next question.

  • No, I have NOT printed all payroll reports for the tax year. Do not continue until you have printed all payroll reports for the tax year. When you close the year-end in the Payroll application you will not be able to make any changes to the transactions in the closed year. 

 

Have you updated all transactions for the tax year to the General Ledger?

  • Yes, I have updated all transactions for the tax year to the General Ledger. You’re ready to begin this section.

  • No, I have NOT updated all transactions for the tax year to the General Ledger. Do not continue until you finish updating all of the transactions for the tax year to the General Ledger application. Again, when you close the year-end, you will not be able to update transactions from the closed year.

 

 

Getting started with finishing up

Step 7a. Close year end

Step 7b. Update new federal and state tax rates

Step 7c. Update social security tax pay code

 

 

 

 

 

 

 

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