Complete this checklist to ensure you're finishing all of your year end activities in QuickBooks Desktop with correct payroll information for your employees.
Install the latest payroll tax table updates
Turn on Automatic Updates for QuickBooks Desktop Payroll
The best way to make sure you have the latest QuickBooks Desktop and payroll updates is to turn on the Automatic update feature, which tells QuickBooks to check for new payroll updates automatically. Automatic Updates is the easiest way to stay on track with updates.
Since the actual dates of payroll updates vary depending on federal and provincial actions, we highly recommend that you check for payroll updates each time you pay your employees (or at least every 45 days) to ensure that you have the most current tax table and forms available.
Order year-end supplies
To order your year-end supplies from Intuit:
Intuit recommends you order your year-end supplies as soon as possible to ensure timely delivery and distribution.
Verify active employee data
The end of the year is a good time to review employee information that can affect T4 forms and, possibly, pay cheques issued in the next tax year. Be sure to check:
Perform any year-end bonuses
To write a bonus check for an employee:
Verify terminated employee data
Regardless of the current employee status, any employee who received a pay cheque during the year will receive a T4 form for that year.
Be sure to check terminated employees for:
Be sure that terminated employees are released correctly in QuickBooks.
To verify that terminated (released) employees are set up correctly:
Verify and review benefit information for your employees
Before you create pay cheques in the new tax year, confirm that all compensation and benefit types are correct, and that the rates for each is correct.
To review benefit information:
To review any benefits that has been added to the employee defaults or to an individual employee record:
Any future pay cheques created for that employee will include the new information.
For more information about benefits limit and contribution deadlines, visit the CRA website.
Review employee wages, sick time, and vacation hours
Review wages and benefit levels.
Before your first payroll of the new year, you may want to take the time to review wages and benefits for all active employees. To do so:
Review sick and vacation settings.
To review sick and vacation hours for an employee:
Generating Year End forms
The deadline for T4, RL-1, T4A, and T5018 forms is the last day of February, which could fall on the 28th or 29th, depending on the year.