What to know for year-end 2022

2 minute read time.

Year-end is quickly approaching.  Today's blog is going to cover some tips, tricks and resources to help make your year-end a success.

  • Ensure that your version of Sage BusinessWorks 2020 or 2021 is update to date.  For instructions on installing updates see How to download and install Sage BusinessWorks Accounting service packs and tax updates
  • Do not install the early tax table update (SP13 for 2020 or 2021) until all Payroll year-end report processing is complete. These updates will be released within the next two weeks.
  • You can close the payroll year before your W-2s have been printed and can run a payroll or two without the tax update installed.
  • You can print W-2s and other Enhanced Tax Reporting quarterly and yearly reports after closing your Payroll year-end.
  • W-2s are not due until January 31st, 2023, you can take your time checking your figures and do not need rush to complete the Payroll tax forms prior to closing your Payroll year end.
  • You can print W-2s after closing the year but it is always best to ensure you make a backup/archive/copy company before closing the year (ensure that the most current service pack for version 2021 is installed before making this company).  See How to create an archive or copy of a company for further instructions.
  • Do not wait until the last minute, you can perform a test run of your W-2s / W-3 to make sure the W-3 matches all 4 quarters of the 941. The articles below may assist in troubleshooting issues
  • You can run W-2s multiple times without any issue
  • Bookmark the Sage Year-end Center  - This has links to important year end articles
  • Follow us on Twitter @SageSupport 
  • For immediate support help Chat with Sage (M-F 6am to 5pm Pacific)
  • Order your W-2 and 1099 forms early from Sage Checks and Forms

1099 tips

  • Process your 1099 forms prior to closing your Accounts Payable year.  Make a backup prior to closing the year.
  • The 2022 1099-MISC boxes have changed. If you use Excess golden parachute payments and Nonqualified deferred compensation ensure you have SP11 installed if using 2020 and SP12 installed if using 2021 prior to printing 1099s. Prior to printing your 2022 1099-MISC run the 1099 Worksheet (AP, Vendors, 1099 Worksheet) and if any vendor has a value in box 13 or 14 you must update to the correct 2022 designation box 14 or 15.