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Presentation transcript:

PAYROLL YEAR END PROCESSING 1 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!

Step 1 Year End Processing Step 2 Update Tax Tables Step 3 Create and Print W-2’s

Freedom Systems - Year End Processing Webinar - October 16, Step 1 – Year End Process. Select ‘Year End Process’ from the main menu.

Freedom Systems - Year End Processing Webinar - October 16, 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.

Freedom Systems - Year End Processing Webinar - October 16,

6 Next, click 2. MOVE DATA TO HISTORY (in some versions the button may read MOVE TO HISTORY).

Freedom Systems - Year End Processing Webinar - October 16, Answer YES to the warning message you’ll receive.

Freedom Systems - Year End Processing Webinar - October 16, You’ll receive this confirmation message when the process is finished. Click OK to return to the Year End Process window.

Freedom Systems - Year End Processing Webinar - October 16, 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.

Freedom Systems - Year End Processing Webinar - October 16, Answer YES to the warning message you’ll receive.

Freedom Systems - Year End Processing Webinar - October 16, You’ll receive this confirmation message when the process is finished. Click OK to return to the Year End Process window.

Freedom Systems - Year End Processing Webinar - October 16, Click EXIT to return to the main Payroll Program menu. Step 1 – Year End Process is now completed!

Freedom Systems - Year End Processing Webinar - October 16, 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.

Freedom Systems - Year End Processing Webinar - October 16, 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.

Freedom Systems - Year End Processing Webinar - October 16, 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’. Remember to update the ‘Married’ basis table and also the ‘Single’ basis table.

Freedom Systems - Year End Processing Webinar - October 16, 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. Remember to update the ‘Married’ basis table and also the ‘Single’ basis table.

Freedom Systems - Year End Processing Webinar - October 16, 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 rate. Remember to update the ‘Married’ basis table and also the ‘Single’ basis table. 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!

Freedom Systems - Year End Processing Webinar - October 16, Step 3 – Create and Print W-2’s. Select ‘W-2 Processing’ from the main menu.

Freedom Systems - Year End Processing Webinar - October 16, 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

Freedom Systems - Year End Processing Webinar - October 16, 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.

Freedom Systems - Year End Processing Webinar - October 16, Next, click ‘Re-Add W2 boxes’. This selection will readd all employee W2 totals for the year and takes awhile to run. Read the warning message that displays and answer the prompt appropriately.

Freedom Systems - Year End Processing Webinar - October 16, Do not interrupt the process. You will receive the displayed confirmation message when it is finished. Click OK to complete this process.

Freedom Systems - Year End Processing Webinar - October 16, 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.

V Freedom Systems - Year End Processing Webinar - October 16, Regardless of the button selected, you will receive the display update query message box. 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

Freedom Systems - Year End Processing Webinar - October 16, Next, select ‘W2 Maintenance’. This selection lets you directly edit W-2 information for each employee.

Freedom Systems - Year End Processing Webinar - October 16, Edit the W-2 fields as necessary for your employees. Click OK then EXIT to return to the W-2 processing screen.

Freedom Systems - Year End Processing Webinar - October 16, 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.

Freedom Systems - Year End Processing Webinar - October 16, 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.

Freedom Systems - Year End Processing Webinar - October 16, 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 or at urity.gov/employer.

Freedom Systems - Year End Processing Webinar - October 16, You will receive the displayed confirmation message when it is finished. Click OK to complete this process.

Freedom Systems - Year End Processing Webinar - October 16, 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.

Freedom Systems - Year End Processing Webinar - October 16, You will receive the displayed confirmation message when it is finished. Click OK to complete this process. Click the EXIT button to return to the main menu. Step 3 – Create and Print W-2’s is now completed.