Complete Quarterly or Yearly Payroll Tasks
Use the following checklists to complete your quarter-end and year-end payroll tasks.
Payroll Quarter-End Checklists
Complete the following quarter-end tasks for your company and your employees.
Company Quarter-End
Task |
Done |
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Replenish check stock and envelope inventory. |
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Plan and coordinate benefits enrollment, if necessary. |
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Employee Quarter-End
Task |
Done |
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Review the data on audit reports. |
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Verify that employees are set up for the correct state and locality. Review employees who moved from one state to another during the tax year. Verify that the appropriate wages are set up for each state. |
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Review tax-exempt employees. Update their information, if necessary. |
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Review scheduled or repeating earnings and deductions. |
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Update annual limits for scheduled or repeating earnings and deductions. |
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Payroll Year-End Checklists
Complete the following year-end tasks for your company and employees.
For information about year-end closing in NetSuite, see Year-End Closing.
Company Year-End
Task |
Done |
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Update company-level deduction amounts and limits for the upcoming year. |
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Use your audit reports to do the following:
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Notify Customer Support as soon as possible if you plan to pay any large bonuses, commissions, or stock awards at the end of the year. You may be required to process early or wire funds to meet the obligations of the resulting large payroll run. Early notification of Customer Support can avoid processing issues. |
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Update your unemployment rates as necessary. You are responsible for ensuring that these rates are correct. Maintaining the correct rates avoids potential penalty and interest charges relating to incorrectly paid taxes. |
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Update your state tax payment frequencies as necessary. You are responsible for ensuring that tax payment frequencies are correct so that related tax deposits are made on a timely basis. The timing of your tax deposits typically is based on the dollar amount of your liabilities from the previous year. State tax agencies may reassess the frequency. If you receive a notice of such a change, immediately update NetSuite. Tax deposits and filings are made based on the deposit schedule for each jurisdiction. Deposit schedules are set on the Jurisdictions subtab of the Set Up Payroll page. See Setting Preferences for Jurisdictions. |
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Employee Year-End
Task |
Done |
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If you use the Social Security Administration's service to verify that employee names and social security numbers match, begin the verification process without delay. |
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Update employee-level deduction amounts and limits. |
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Correct excess employee contributions to 401(k), 403(b), and SIMPLE plans. |
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Correct excess employee contributions to health care and dependent care spending accounts. |
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Notify employees to update their W-4 (Employee's Withholding Allowance Certificate) information, if applicable. |
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Notify employees to update their W-5 (Earned Income Credit Advance Payment Certificate) information, if applicable. |
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Forms W-2 and 1099-NEC Year-End
Task |
Done |
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Select a group of employees (totaling 5-6 individuals) to verify that items accurately print on the appropriate year-end form. |
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Related Topics
- Processing Payroll Batches
- Searching for Paychecks
- Payroll Dashboard Overview
- Print Payroll Checks or Vouchers
- Payroll Reversals and Adjustments
- Recording Third-Party Sick Pay Payments
- Payroll Transaction Status
- Making Payroll Liability Payments
- Allocating Paycheck Expenses to Projects
- Payroll Transactions