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ReportI am afraid to do the upgrade before the last payroll, has anybody done it yet? should I wait until the last payroll of the year?
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I am afraid to do the upgrade before the last payroll, has anybody done it yet? should I wait until the last payroll of the year?
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Leslie,
Thanks much for your update !!!
Still waiting for last payroll to run for this year.
Thanks
sandip
WARNING, WARNING, DANGER, DANGER!
The 2012 Payroll Tax tables are wrong!
If you install these tax tables your FICA deduction will be changed back to 6.2%
The corrected tax tables are due out tomorrow (Dec 28th).
So, either manually change the percentage back to 4.2, or just wait until the new 2012 tables are released.
There is a post on this forum where I went through the steps for changing the percentage back to 4.2%.
Kind regards,
Leslie
Sandip and Richard are correct. Complete all 2011 Pay runs before installing the EOY update.
In the 2011 update manual it is on page 7 item 2 which Richard was nice enough to post above.
Here are all the steps. Do not confuse the latest 2011 tax update with the payroll tax update for 2012. The tax update for 2012 will load the tax tables with 2012 rates. This the last thing you do.
1. Verify that you have installed the latest 2011 tax update
2. Complete all pay runs for the current year
3. (Optional:) Complete all monthly and quarterly payroll month-end, period-end, or quarter-end procedures for the current year
4. Make a backup of the original file
5. Install the 2011 year-end update
6. Create the year-end file
7. Make a backup of the new file
8. Verify W-2 and 1099-R statement information
9. Print the W-2 statements and the W-3 Transmittal form
10. Print the 1099-R forms and the 1096 Transmittal form
11. (Optional:) Create a W-2 Electronic File
12. (Optional): Archive inactive employee Human Resources information
13. Set up fiscal periods for 2012
14. (Optional:) Close fiscal periods for the payroll series for 2011
15. Install the payroll tax update for 2012
Yes after last payroll of the year!!!
Thanks
Sandip
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