Payroll end of year requirements/comments
Posted: January 14th, 2012, 5:19 amTry to be sure all the year's pay runs are finalized before you create your first pay period for the next year.
There is no close quarter or close year that has to be done to prepare payroll for processing in the next year. You don't have to wait until you have finished all of the year's reporting, such as W-2s, 941s, etc. You can always go back and do that. As with payroll processing in general, though, you can't “go back in time” to enter payroll calculations or after the fact payroll. If something really unusual comes up, you can do prior year employee adjustments, if you haven't closed the 4th quarter in previous year.
There is no close quarter or close year that has to be done to prepare payroll for processing in the next year. You don't have to wait until you have finished all of the year's reporting, such as W-2s, 941s, etc. You can always go back and do that. As with payroll processing in general, though, you can't “go back in time” to enter payroll calculations or after the fact payroll. If something really unusual comes up, you can do prior year employee adjustments, if you haven't closed the 4th quarter in previous year.