Year End with Genie
Updated: Dec 21, 2022
Happy Holidays from RIC Genie
It is almost year-end, and we are in the holiday season. Regardless of how you celebrate this time of year, there are a number of tasks you will need to perform in your Workday tenant in order to prepare for the end of this year and the beginning of the next. Genie has some solutions that can help
In preparation for issuing W-2s and reporting quarterly and annual figures in Workday you are going to need to maintain the mapping of your pay components to the W-2 box configurations as follows:
Box d – Available to Mask the Control Number (beginning with 2017 W-2 Forms)
Box 7 – Social Security Tips
Box 8 – Allocated Tips
Box 9 – Not applicable
Box 10 – Dependent Care Benefits
Box 11 – Non-Qualified Plans: Separately map 457 distributions and contributions and non-457 plan distributions and contributions.
Box 12 – Required reporting for specific codes. (No new Box 12 codes for 2019)
For example, map 401(k) deductions to Box 12, Code D.
Record the USERRA year if reporting prior year make-up deferral under the Uniformed Services and Reemployment Rights Act.
Box 12 DD (Employer-Sponsored Health Coverage) and 12EE (Designated Roth Contributions under 457(b) plan).
Box 13 – Checkboxes: If mapped earning, deduction, or pay component-related calculations have a YTD value <> 0, the check box will be selected.
Third-Party Sick Pay
Box 14 – Other tenanted items, for example, the lease value of a vehicle or union dues.
Assign a label to identify each item on the W-2.
Review IRS Notice 2020-54 for Guidance on Reporting Qualified Sick Leave Wages and Qualified Family Leave Wages Paid Pursuant to the Families First Coronavirus Response Act- Notice 20-54
Genie’s Testing Automation solution can make your year-end testing for W-2’s/1099’s and other year and quarter-end tax documents a much less labor-intensive process. The enhanced comparison feature of Genie helps in validating and completing year-end tax data for W-2 and 1099 processing purposes.
You are also going to need to extensively test W-2 data in the sandbox by running Create W-2 Data and viewing the W-2 Form Data report. You may have to view the Third Party Sick Pay Recap Form Data report in Workday as well if you have 3PSP. You will need to balance W-2 totals to payroll results and cancel and recreate W-2 data as necessary for testing.
For W-2 preview purposes, Genie uses the Report Compare Utility to ensure that values are mapped to W-2 field values as required. In Genie, you will run payroll, validate values, and ensure values are updated on the appropriate forms. The ability to compare reports, validate payroll results, and verify payroll components helps to ensure that your year-end testing is efficient, accurate, and complete.
Of course, you must not forget to prepare for the next calendar year by completing the following tasks:
Setup period schedule(s).
Build out FLSA calendars for the new year.
Set up new ledger periods and verify that they are in the “open” status, not “created” to avoid any operational journal errors.
Genie Testing Automation can be used to compare payroll data to accounting data for reconciliation purposes. It can create time calendar schedules for the next year. Using EIB loads and Business Process automation Genie can help you with creating a new fiscal year, holiday schedules, payroll calendars, opening ledger periods for the new fiscal year.
Quarterly and annual integrations to Tax Filing Services such as ADP or Master Tax are going to need to be run. Genie’s testing solution enables you to test these integrations and view the output on the third party side before running them from production-ensuring accuracy for these critical integrations.
Genie’s Artificial Intelligence knows what activities you need to do for year-end processing, it has the ability to guide you through the year end process in Workday.
Of course, year end is also a time when annual audits often have to be completed.
Genie’s Audit Intelligence solution can be used to run whatever audit controls are necessary in order to ensure that your annual audit is efficient, effective, and successful! Genie’s Audit Intelligence solution is covered in much more detail here https://www.ricgenie.com/auditintelligence
Enjoy the holidays, spend time with family, and however you celebrate be safe and try to stay warm. Let Genie help you with your year-end processing so that you have more time to share with family and friends! For more information about RIC Genie’s testing and/or audit solutions please visit us at https://www.ricgenie.com/