TRAXPayrollAdministrative General AdminEnd of Year Account Preparation

End of Year Account Preparation

Purpose: To help you make sure that your payroll account is ready for the new year.

What do you Need to do Immediately?

If applicable, submit Third-Party Sick Pay amounts to TRAXPayroll ASAP.

What Should you do Prior to your Last Payroll Run This Year?

Record Year-to-Date Health Savings Account employer contributions in TRAXPayroll.  

  • This is entered in Step 2 of the Payroll Center under Extra Pay.

 

Review deduction reports to verify employee and employer amounts are correct. 

  • Run the deduction reports in Date Range for the year to see employee and employer amounts recorded in payroll.

 

Update employee addresses and verify Social Security Numbers are correct for W-2s. 

  • Review the Resume reports in the Employee tab.

 

Make sure any imputed income for Group Term Life has been accounted for. 

  • This is entered in Step 2 of the Payroll Center under Extra Pay. Select the ‘Imputed Income - GTL’ pay type.

 

Add any missing taxable fringe benefits: 2% SHR health, personal use of company vehicle, etc. 

  • This is entered in Step 2 of the Payroll Center under Extra Pay.

 

Verify that all "manual" checks and bonuses or non-cash payments given during the year have been recorded in TRAXPayroll. 

  • Run the Payroll Register, Complete Summary, or Employee Summary by Pay Type report in Date Range for the year to review the employee wages entered through payroll.

 

Determine that all voided or reversed paychecks have been recorded in TRAXPayroll. 

  • Run the Voided Paycheck report in Date Range for the year to see the payrolls that were reversed.
What Should you do Before Your First Payroll Run Next Year?

 

  • Review the pay period schedule for accuracy in the Company/Pay Group tab.

 

 

  • Add next year's tax rates, tax filing deposit frequency, and unemployment tax rates in the Company/Tax tab.

What's Next?

Do you need to make any changes to your Hour Benefit Templates

Would you like to learn more about the options you have for PDF or Excel Reports?