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Ledger/Payroll Year-End Guide

Get Ready for the New Year

There are a few things you need to do to get ready for the new year.

Load the tax tables for the new year

If you have the latest version of Ledger/Payroll or are OnDemand, you'll get a message when the tax tables are ready and can load them automatically. Otherwise, you must load them manually.

Enter budgets for the new year

If you didn't create budgets before you closed the year, you can enter them now.

Print paychecks for the new year

Make sure you set up the tax tables for the new year before you print paychecks.

  1. If existing benefit or allowance plans are changing, run the W-2s, 1099s, or any necessary benefit and allowance reports.
    CAUTION: Do not change benefit or allowance plans until after you run the previous year's reports, including W-2s.
  2. On the Payroll tab, click Tax Setup > Benefits/Allowances. In the relevant sections, make any necessary adjustments.
    Note: If you're waiting to run the W-2s and you need to change a benefit or allowance for the new year, add a new plan with a similar name in the setup window and enter it on the employee master paycheck.
  3. Update your federal tax tables if you haven't done so already.
  4. Review our state tax documentation to determine if you need to update your state tax tables if you haven't done so.
  5. Review the local tax documentation provided by your local government to determine if you need to update your local tax tables.
  6. Make any necessary changes to the Wages/Master Paycheck window for the upcoming year. On the Payroll tab, click Employees > Wages/Master Paycheck. If you make changes, click Print Actuals Report so you can verify that the check totals are correct.
    Tip: It's useful to print this report for each employee before printing the first checks of the new year.
  7. Print your paychecks. You can continue to print paychecks without closing the previous year, but the YTD totals on the check stubs only reflect the total for the current check.
Ledger_Payroll

Last updated: November 4, 2024