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Create Quarterly EFTPS FUTA Tax File

Use this screen to create the EFTPS FUTA Quarterly Tax Deposit File based upon the employer FUTA accrued totals in the tables of the selected reporting source(s).

The program adds the amounts in the reporting source(s) and performs no other calculations. The process does not verify that the amounts are correctly calculated. For example, if an employee's FUTA accrued amount is not the correct amount according to the current year's rate, the process reports the amount that is in the record, rather than the correct amount. For this reason, you should ensure that the amounts are correct before performing this process.

The FUTA Quarterly Tax Deposit File is a single text file that you can submit to the IRS electronically after each payroll, monthly or quarterly. Transmit the file to your financial institution one business day before the due date. The bank electronically transmits the tax payments on the tax due date, and your records for the IRS are automatically updated. This file is directly related to the Federal Form 940 and reports FUTA accrued. You can select records from the Payroll table and/or Earnings table, depending on your reporting requirements.

After you have set up your financial institution information on the Configure Direct Deposits screen, you can create the EFTPS FUTA Quarterly Tax Deposit File.

After you create payroll, review the Payroll Edit Report, and print paychecks and/or direct deposit advices, you can generate the FUTA Quarterly Tax Deposit File that contains the payment data to be transmitted to the bank for the tax period you are reporting, if you have selected Payroll Table in the Reporting Source group box. You must create this file before posting the Payroll Journal. After the Payroll Journal is posted, the data required for creating the FUTA Quarterly Tax Deposit File is no longer available unless you select Earnings Table in the Reporting Source group box.

There are two ways to work with export files in Costpoint:

  • You can save the file to an Alternate File Location.
  • You can save the file to the Costpoint database.

If you decide to use the first option, click in the File Location field to select the alternate file location to which you want to save the file. If you choose the second option, leave the File Location field blank when you export the file.

This is a separately licensed product for the current release of Deltek Costpoint.