Tackle Your Fiscal Year-End Checklist Like a Pro
At the close of each fiscal year, employers have important year-end tasks to perform and monitor. We appreciate your partnership in ensuring a smooth transition to the new fiscal year.
The Fiscal Year-End Reminders webpage covers June and July processing tasks.
Top Three Time-Sensitive Tasks
1. Update salary information.
When you report salary increases to VRS for July, you also should initiate salary changes in your payroll system to ensure you collect the full contribution amount for July.
If using the Salary Report to make mass salary changes, refer to the Changing Salary Using the Salary Report as a Template process guide (login required to access). Be sure to review the Salary File Error Report the following day to verify your changes were made accurately in the system.
2. Make changes to employees’ contract details.
Make necessary changes to employees’ contract details within the 10-business-day window after confirming your snapshot and before auto-renewal of contracts.
3. Confirm June snapshots.
Schedule payments before the end of June, as soon as all monthly activity is known. See the Contribution Confirmation and Payment Schedulingchapter of the VRS Employer Manual.
Review creditable compensation and contributions reported for highly compensated employees to ensure they have not exceeded IRS limits for the fiscal year.
Questions?
If you require assistance on year-end reporting tasks, contact VRS Employer Support.
