PlanSource HCM Quarterly Payroll Closing Checklist

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Use the PlanSource HCM checklist below to assist you in successfully closing your payroll books each quarter.

  • Run YE Business Intelligence reports at least quarterly. These reports  are available in the HCM system under Delivered Reports.  Report Location: Public Folders > zzzCompany Folder > YOUR COMPANY > UltiPro >HCM Delivered Reports > Year End Reports.  The following reports should be addressed: Year End Block Tax Report, Exempt Tax Reports, EE Improper Naming Conventions and Invalid SSN
  • Confirm that employee names and Social Security numbers are in the correct format. The IRS may impose a penalty for each Form W‐2 with a missing or incorrect Social Security number or employee name.
  • Confirm that all manual checks written outside of HCM are accounted for and updated in the system Determine that all voided or reversed paychecks have been accounted for in the system Quarterly Payroll Closing Checklist HCM
  • Determine that all voided or reversed paychecks have been accounted for in the system.
  • Check that Group‐Term Life Insurance updates have been recorded and submitted.
  • Ensure that other special tax items have been updated and submitted, such as Other Compensation, Third‐ Party Sick Pay, Employee Business Expense Reimbursements, Taxable Fringe Benefits, Tip Allocation information, and Dependent Care Benefits.
  • Compute uncollected Social Security and Medicare taxes for retirees and former employees.
  • Calculate and withhold taxable fringe benefits quarterly (your employees will thank you!)
  • Confirm that deferred compensation plan type is correct and verify employee contribution amounts.
  • Determine if all current‐quarter voids and adjustments have been applied/requested.
  • Verify the employer state unemployment insurance tax rate and taxable wage limit for each state.
  • Remind employees to fill out a new Form W‐4 if their situation has changed.
  • Request and enter ALL Third Party Sick payments each quarter (Instructions here).
  • Review and confirm your I9’s, Visa Statuses and Tax Exemptions at least quarterly to ensure your employees are being taxed appropriately.

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