YEAREND PROCESSING:


Proactively, you want to make sure your data for each payroll is correct.

  • Run/ review the wage and tax report and make sure there are NO validation messages.  IF there are, these need to be addressed and corrected.
  • Run/review the preliminary W2’s…make sure the data appears correct, e.g. taxable wages for fed, KS, Social Security, Medicare and 401k amounts.  Only 401k appears in box 12D

Basically, it’s just the general due diligence you would ordinarily perform, and have performed with other payroll providers.  There is no “sign off.”   W-2’s are available to you both before and after the year is complete (Main Menu>>Year End>>USA Year End>>Reports….) and available to each employee (through their portal). 

Last Paycheck of the year reminders:

  • Remind your Priests and staff to turn in business mileage to offset their respective taxable car allowance. 
  • All payroll adjustments must be complete by 1/3/2019, by 4 PM, (with effective dates on/before 12/31/2018) to affect 2018 W-2’s.  No extensions will be accepted.
  • Make sure you don’t see any earnings of another location on your Payroll preview screen.  If you see another company/location name, that can be ok, but if you see any $$$ for that other location, not yours, then you have issues that were caused from the Rehire form and attached to the wrong employee ID number.
  • Check Time Data for the correct dates on hourly employees.  Contact us if you see dates outside of 12/5/18 – 12/19/18. 
  • Check 401k, 403b and FSA contributions.  Details below.
  • Any deductions for Humana benefits during the year need to be credited. 
  • PLEASE make sure there are no validation/error messages in your US Wage and Tax Report after your 12/31 commit.

Check and Recheck 401k and 403b contributions:  Please check all 401k ER/Employer and EE/Employee, Voluntary, Match and Discretionary contributions and Priest 403b Employer and Voluntary contributions.  There are two issues:

  1. Employee’s contributions on the 12/31 check have exceeded the 2018 YTD/year to date limit of 18,500 for AKC 401k $ or % and 6,000 for AKC 401k Catch Up.
  2.  In addition to checking differences in employee gross pay, be sure to also check for differences in employee net pay.  Employees can end up with an earnings statement that has a normal gross pay amount and a zero net pay amount due to a very large 401k catch up contribution they did not intend.You can correct these amounts with Quick Entries. Note: Be sure to use Quick Entry Codes for 401k and 403b that begin with “AKC,” for example “AKC 403B ER Priest TIAA”.

Check and Recheck Employee FSA contributions:  Match the employee’s yearend amount from your report to the yearend amount for the 12/31 paycheck if there is a difference correct this with a Quick Entry.

Accessing Proofs & Final W-2s

Correcting Wages for the W2

General W2 & W3 Year End Preparation Guidelines

How to set up an employee with or without a retirement plan on the W-2

Check for duplicate employees in MyHR>>Filter on Employment Status, Select All>>look for duplicate employees and contact Janet with their names.

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