Payrolls in the next year can be done without completing the current year's W-2s first. The information needed will be extracted from the history file. After the year's data is extracted, the W-2s can be produced.
There are extensive Training Videos that will walk you through this process. These can be accessed in Pak Accounting under Help > Training Videos > Payroll.
Checklist for W2 Processing:
1.Review Company/Transmitter information for accuracy.
2.Extract W-2 amounts from employee's historical information.
3.Assess Year-End Data including Printing the Edit Listing
4.Make any known corrections. (W-2 Menu - Employee Maintenance)
NOTE: Information such as the employee's name, address, social security number are located in two different places; on both the employee master and W-2 Employee Maintenance.
5.Correct the error(s), if any, that are listed. Check the totals.
6.Repeat steps 4 and 5 until there are no errors.
7.Print W-2's to be mailed to the employees before February 1st.
Deadline Information
•January 31 – W-2's to employees
•January 31 – Paper Filing on Copy A of W-2's and W-3
•January 31– Electronic submissions of W-2's.
Filing Information
•Paper: Print W2's and W3 and mail to the Social Security Administration
•Electronically: The file W2REPORT can be saved to your hard drive and downloaded to the Social Security Administration. Transmittal information is filled out on line when filing.
NOTE: When filing electronically, the Social Security Administration has a web site to test your transmission for errors. See Accuwage.