Year-End Checklist

The Year-End Checklist section provides step-by-step checklists for processing your year-end information. This section also includes supplementary instructions for processing Confidential Payroll at year-end.

Payroll Year-End Checklist

After completing the final payroll cycle for the year that's ending, it is necessary to close payroll records and prepare for new year.

Important: If you have Confidential Payroll, read through the Confidential Payroll Year-End Instructions before following this checklist. There are additional or alternate steps to take if you have a Confidential Payroll company.
This is an overview of the year-end process:
  • Complete the ending year's final pay cycle.
  • Print the period end payroll reports.
  • Perform the Build T4 Slips.
  • Adjust tax tables using rates for the year that's beginning.
  • Change processing dates to the new year.
  • Perform the Year End Update.
  • Commence regular pay cycles in the new year.
  • Print and update T4 Slips.

Step 1. Complete the Final Pay Cycle of the Year

  • Do this for all cheques dated 12/31 or prior.
    Note: If the period end date is in the year that's ending and the cheque date is in the new year, the cheque is in the new year pay cycle.
  • Once the Year End Update is performed and a new-year payroll cycle has been updated, payroll cheques cannot be run again for the year that just ended. To do so would cause the new year's YTD totals to be incorrect.

Step 2. Print the Period End Payroll Reports

  • Go to Payroll > Reports.
    Note: If in a Confidential Payroll company, navigate to Confidential Payroll module to run payroll reports. Refer to the Confidential Payroll Year End Instructions for more detail.
  • Print quarterly tax reports that are relevant to your situation:
    • Payroll Register
    • Other Employer Tax Report
    • Employment Insurance Report
    • Province, County & Local Tax Report
    • Workers' Compensation Report (Rate per $100)
    • Workers' Compensation Report (Rate per Hour)
    • Workers' Compensation Job Expense Report
    • Employee Earnings History Report

Step 3. Perform the Build T4 Slips

  1. Navigate to Payroll > Period End > T4 Processing, then select the Build button.
  2. Perform the Build T4 Slips. See the Payroll Processing topic for more details.

Step 4. Update Tax Tables to the New Year's Rates

There are two methods for updating the income-tax-graduated tables in Spectrum:
  • Programmatically - Apply the automatic tax table import available for download from the Viewpoint Customer Portal.
    Note: Viewpoint typically makes these available by late December, before your first payroll dated in the new year.
  • Manually - Enter updates in the Income Tax tab of the Tax Table Maintenance screen.
Note: The electronic tax table update provided by Viewpoint covers federal and province income tax tables. It does not cover other tax rates, such as Unemployment, SDI, or Worker's Comp. Adjust and confirm those tax rates and limits manually.

Before you begin: Verify that all payroll cycles are completed in ALL companies, and print the Tax Table Listing report.

  1. Log in to Viewpoint Customer Portal.
  2. Select Products and select Spectrum.
  3. Locate and select the Spectrum 202X Tax Tables link.
  4. Select the Downloads 202X Tax Tables folder.
  5. Select the PRTAXTABLE-202X-XX.PRO file.
  6. Select the Download button, and save the .pro file to your workstation. For more detailed instructions on installing the tax table subscription, view the Tax Table Loading Instructions document available in the Viewpoint Customer Portal.)
  7. In Spectrum, go to Year End > Tax Table Import.
  8. Select Preview.
  9. Upload the .pro file you saved earlier. When the update is completed, the screen will return to the Site Map.

Update the Employee Exemption Amounts

Update the Employee Exemption Amounts in Payroll > Utilities > Adjust Exemption Amounts. This must be completed for each province as well as Canada. Find the new Exemption amount by reviewing the T4127 Federal Claim publication. Select the Claim Code and use the amount listed in Option 1.

Step 5. Change Payroll and General Ledger Processing Dates to the new year.

Go to System Administration > Installation > Processing Dates.

Note: If the first payroll dated in in the new year will have a December period end date, set the minimum date to the period end date.

Step 6. Perform the Year End Update Procedure

Important:

Before you proceed, confirm that no further payroll cheques are needed dated for the prior year.

The Payroll Year End Update clears the prior year YTD earnings figures, preparing the way for the payroll cycles in the new year. Once the Year End Update is performed, and a payroll cycle in the new year is updated, it is not advisable to attempt to process a prior-year payroll cheque. Special procedures would have to be taken (such as voiding all the payroll cheques in the new year) and is not recommended.

  1. Go to Payroll > Period End > Year End Update.

    the Year End Update/Employee Purge tab displays.

  2. In the Set new payroll year to field, enter the new year.
  3. Select Preview to review a list of Employees whose data will be purged.
  4. Select Continue on the Year End Update / Employee Purge screen to finish the procedure.

For non-standard calendar years that require an additional pay period, select the Extra pay period this year checkbox on the Tax Table Maintenance or Year End Update screens. The system will calculate using the appropriate weekly and biweekly payrolls that occur in a non-standard calendar.

Step 7. Commence Regular Pay Cycles in the New Year

Note: Make sure cheque dates are in the new year, regardless of the work date(s) or the period end date(s).

Step 8. Print and Update T4 Slips

  1. Go to Payroll > Period End > T4 Processing.
  2. Select Print T4 and enter the new year.
  3. Review and make any changes as necessary.

Refer to Print T4 Slips for more information.