Virtual TimeClock Support Blog
2020 End-Of-Year TimeClock Checklist
The end of the year always brings a flurry of activities and responsibilities. To help you prepare for the new year, you can use this checklist of timecard and payroll related activities and dates that may impact your business.
Carryover Unused Leave Hours
If any of your employee benefits follows the calendar year, you'll want to review your 2020 awards and possibly carryover unused PTO hours at the end of the year. We have a guide that shows you how to easily carryover used leave hours for your employees.
Update Employee information
You'll want to review employee address information to ensure everything is up-to-date prior to sending out employee W-2 forms in January. This is a good time to update employee information in Virtual TimeClock. Open the Users configuration window and review address, wage and emergency contact information. Use the Notes tab to document dates of information changes, wage histories, and performance reviews.
End of Year Payroll
Confirm with your payroll provider the final date you can submit payroll for 2020. You may have a deadline for direct deposit submissions several days before the end of the year. Once you've finalized and submitted timecards for the final payroll period of the year, close the payroll period in Virtual TimeClock to protect your data from changes to settings made for the New Year.
Please note the upcoming dates related to your timecards and payroll:
- Banks are closed (Christmas Eve)
- Banks are closed (Christmas Day)
- Banks are closed (New Year’s Day)
- Changes to minimum wage, overtime and sick leave laws in some states and cities.
- Deadline to provide W-2 & 1099 forms to employees and workers. Don't forget about inactive and terminated employees who earned wages in 2020.