When Printing Current Year Statements before processing New Year pay runs –
☐ Complete Current Year Pay Runs*
☐ Complete all payroll month-end, period-end, and/or quarter-end procedures/reports.
☐ SMB – Install GP Year End Update (this step can be done any time after Current Year pay runs completed*)
☐ SMB – Make a pre year end wage file backup
☐ Create the Year-end Wage File
☐ SMB – Make a post year end wage file backup
☐ Verify W-2 and 1099-R statement information (if you make any changes, make another backup)
☐ Print the W-2 Validation Report, W-2 Statements, and W-3 Transmittal form
☐ Print the 1099-R Validation Report, 1099-R forms and 1096 Transmittal Form
☐ Prepare and submit W-2 information in the federal EFW2 format, if required
☐ Setup fiscal periods for New Year
☐ SMB – Install the New Year Payroll update BEFORE running any New Year pay runs
☐ Process New Year pay runs
When process New Year pay runs before printing Current Year wage statements –
☐ Complete Current Year Pay Runs*
☐ Complete all payroll month-end, period-end, and/or quarter-end procedures/reports.
☐ SMB – Make a pre year end wage file backup
☐ SMB – Install GP Year End Update (this step can be done any time after Current Year pay runs completed*)
☐ Create the Year-end Wage File
☐ SMB – Make a post year end wage file backup
☐ Verify W-2 and 1099-R statement information (if you make any changes, make another backup)
☐ Setup fiscal periods for New Year
☐ SMB – Install the New Year Payroll update BEFORE running any New Year pay runs
☐ Process New Year pay runs
☐ Print the W-2 Validation Report, W-2 Statements, and W-3 Transmittal form
☐ Print the 1099-R Validation Report, 1099-R forms and 1096 Transmittal Form
☐ Prepare and submit W-2 information in the federal EFW2 format, if required
For additional information on the steps listed above, please see Year-end closing procedures – Dynamics GP | Microsoft Learn