In the W2 Explanation report, you can show the employee that the Box 1 amount was created by multiple gross pay wage types, imputed income wage types, and pre-tax deductions, which the employee normally sees on their paystub. For example, Box 1 on the W2 shows the Federal Taxable Amount, but that's just one number. The W2 Explanation Report was designed to help your HR or Payroll department or Employee Help Desk explain where values on an employee's W2 came from. If you have been using Pay Recon throughout the year as an essential part of your Payroll exit process, then creating W2s becomes a non-event, rather than a stressful part of the year. After creating your W2s, Pay Recon will automatically balance the W2 values against the existing values, and ensure that all four data sources agree, or else will highlight the differences. When the year-end or W2 season arrives, you can use Pay Recon to ensure that your employee data balances prior to creating your initial W2 run. This week, I conclude with some examples related to W2 balancing and balancing to FI. Part 2 focused on example utilities that you could leverage for easing your reconciliation and Payroll investigation. In Part 1 of this blog series we talked about how the Pay Recon solution could save you hundreds of hours a year in Payroll support and reconciliation.
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