The end-of-period menu contains programs which should be run at the end of each month, period and year to close them correctly and acquire the information needed to report to the government. (Please refer to the normal procedures section.)
The monthly close-out procedures consist of running these programs.
Period Earnings/Deductions Report, which is used to print a report of all wages earned and deductions withheld in the period (month).
Period GL Distribution, which is used to print a report of all general ledger expense distributions created during the Check Register for the period (month). An optional removal is included to remove the records after printing.
Period Check Register, which is used to print a list grouped by bank of all regular, manual and void checks for the period (month). An optional removal is included to remove the records after printing.
Unemployment Report, which is used to print a list of employee wages and state unemployment tax due for the period (month) by tax type.
End-of-Period Update, which is run to clear out the period-to-date earnings, deductions and unemployment information.
The quarterly close-out procedures consist of running these programs:
Period Earnings/Deductions Report for the quarter.
941 Print lists 941 information (federal tax and FICA amounts withheld) for reporting purposes,
945 Print lists 945 information (income tax withheld for nonpayroll items) for reporting purposes,
Clear Check History program removes check history by date as determined by you.
Unemployment Report (for the quarter)
The End-of-Period Update is run to clear out the quarter-to-date earnings, deductions and unemployment information.
The yearly close-out procedures consist of running these programs:
Period Earnings/Deductions Report (for the year)
Unemployment Report (for the year)
W-2 Information Capture, which must be run so that you can close out the year and start running payrolls before printing the W-2s. The program is found on the end-of-year procedures menu. (see next section),
End-of-Period Update, which is used to clear out the year-to-date earnings, deductions and unemployment information.
At this point, the W-2s can be printed and/or W-2 Magnetic Tape Update can be run along with the W-2 Magnetic Tape Report to file with the Social Security Administration.
Clear Check History, which should be run periodically (as set by you) to clear out check history to keep the file from filling up. Caution: Retain at least 1 tax year's information for ACA processing.
If your company is required to file Forms 1094B and 1095B and your filing needs are covered by the ACA 1094/5 Management (PRE109) program, this solution and associated Microsoft® Excel spreadsheets are available for you to enter employees’ dependents and retrieve FACTS-based data that can assist you in completing these forms.