What's New in Spectrum 2023 R3
Spectrum 2023 R3 is the year-end release which contains the required changes for processing Forms like W2s, 1099s, and those for ACA. This release also contains updates, time-saving enhancements, and fixes to customer-reported issues.
Regulatory Updates
With this version, you can confidently proceed with your year-end processing. In support of the 2023 tax year filings, we've updated Spectrum so that the pertinent reports and electronic files are IRS-compliant, as well as functional with our partners.
- Nelco and Aatrix electronic file outputs
- Form 1095-C
- Form W-2
Canada regulatory updates
- Employee and Employer Second Tier CPP contributions - see New/Edit Tax Table - Other Taxes - Field Descriptions.
- Dental benefit code - see New T4 Slip - Field Descriptions.
Additional Invoice Approval Option
You can now route invoices based on each invoice's Total amount value, which in some cases could result in faster invoice approvals.
If you opt to assign Approval Limits to the reviewers in your Routing Codes, instead of all reviewers being required to approve the invoices, Spectrum uses the invoice amount to determine who must and who isn't required to review the invoice.
Once a reviewer with sufficient approval authority has approved the invoice, all subsequent reviewers are excused from approving it.
To learn more, see Approval Limits.
Support for Shared Limits on 401K Plans
Spectrum now supports a shared limit for your traditional 401K and Roth 401K plans.
For employees that participate in both a traditional 401K and Roth 401K, the application now assesses the maximum contributions as if they were a single limit. It looks to the employee's year-to-date contributions to both codes when determining if they can contribute more.
Supporting this feature is the new Shared Limit Setup screen, accessible from the Deductions / Add-on Code Maintenance screen.
- Deduction/Add-on Listing
- Employee Recurring Deduction/Add-On Listing
- Pay Cycle Add-on report
- Pay Cycle Deduction report
Canada Pension Plan changes starting in 2024
- The T4 Slip screen and the T4 printed and electronic forms
- The Pension plan section of the Tax Table Maintenance screen (Other Taxes tab of the Edit Tax Table window)
- The CPP window which opens from the Edit Tax Table window and from the Layoff Cheque Display screen
- The Tax Table Listing report
For more details, see New T4 Slip - Field Descriptions and New/Edit Tax Table - Other Taxes - Field Descriptions.
Spectrum 2023 R3 Bug Fixes
This release provides fixes to customer-reported issues. To see the list:- Log in to the Track Cases/Issues page of the Viewpoint Customer Portal.
- Make your selections in the product and module filter options.
- In the Fixed in Version field, enter 2023 R3.
- Select Apply Filters.