Year end checklist and action items

As the end of year approaches you can take a few steps to ensure the transition to the new year is as smooth as possible. In general, you'll want to verify and ensure you've accurately paid all your staff. You'll also want to ensure you have accurate contact information for your employees for tax reporting purposes. Getting ready for year-end only take a few moments and will save you time in the new year. Here's a handy checklist you can use:

Check reports and reconcile

  • Login to your account and take a look at the 'year-to-date' reports. If you've changed wages for your staff, added/removed benefits etc, ensure those are accurately recorded.
  • Export your payroll data to your accounting system. You'll want to ensure you've accurately recorded source deductions, special employee payments etc.
  • Look at your employee details - ensure that you have correct social insurance numbers, TD1 amounts and accurate 'year-to-date' information. We strongly recommend that you give your employees access to so they can see their own pay history online. More importantly, when you issue T4 / RL1 tax slips - they'll be able to receive them immediately and it will save you from having to print and distribute them.  
  • Inform employees about any outstanding vacation balances so they may take the time before year-end.

Final pay run

  • After you've reconciled your pay runs for the year you can perform any corrections / changes on your final pay run. For example, if you've forgotten to include a commission or bonus - ensure it is recorded on this final pay run.
  • After the final pay run, close any remaining remittance periods.
  • NOTE: the new pay roll year will automatically become available once you process a pay run with a payment date in the new year. You do not need to "close the year" - this is done automatically.  

Tax reporting

  • After your final pay run, you can generate your final tax reports (T4, T4 Summary, T4A and RL1 reports) for the year. These are typically due the last day of Feb in the new year

Prepare for the new year

  • The system will automatically carry forward any unused vacation balances, if your company policy is different you will need to make adjustments.
  • Carry forward any other items you need; loans, advances, garnishments etc.
  • Send a notice to all your employees to submit a new TD1 form (provincial and federal), if required. You'll need to keep these on file and adjust individual employee profiles to accommodate the new exemptions as calculated on their forms.
  • If you've changed any company benefits, deductions or custom earnings - employee benefits/deductions to reflect the changes
  • If you haven't signed up for ePay / direct deposit service - now is a good time to switch over.
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