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 2023, it is necessary to close payroll records and prepare for 2024.

Important: If you have Confidential Payroll, please 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 final 2023 pay cycle.
  • Print the period end payroll reports.
  • Perform the Build T4 Slips.
  • Adjust tax tables for 2024 rates.
  • Change processing dates to 2024.
  • Perform the Year End Update.
  • Commence Regular 2024 Pay Cycles.
  • Print and update T4 Slips.

Step 1. Complete the final Pay Cycle of the year

  • For all cheques dated 12/31/2023 or prior.
    Note: If the period end date is in 2023 and the cheque date is in 2024, it is a 2024 pay cycle cheque.
  • Once the Year End Update is performed and a 2024 payroll cycle has been updated, payroll cheques cannot be run for 2023 again, otherwise the new year's YTD totals will 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 you:
    • 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 2024 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.
  • 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.
  1. Log in to Viewpoint Customer Portal.
  2. Select Products and select Spectrum.
  3. In the Downloads section, select Spectrum 2024 Tax Tables.
  4. Select the Downloads 2024 Tax Tables folder.
  5. Select the PRTAXTABLE-2023-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. Verify that all payroll cycles are completed in ALL companies, and print the Tax Table Listing report before proceeding with the import.
  10. Upload the file saved in step 6. 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 2024.

Go to System Administration > Installation > Processing Dates.

Note: If the first payroll dated in 2024 will have a December 2023 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's payroll cheque. Special procedures would have to be taken to do so (like 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 '2024'.
  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 2024 Pay Cycles

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

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.