Use this screen to create the EFTPS Payroll Tax Deposit File based upon the employee and employer social security and Medicare totals and the federal income tax withholding totals that are contained 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 social security withholding is not the correct amount, according to the current year's rate, the process will report the amount that is in the record, rather than the correct amount. For this reason, it is a good idea to ensure that the amounts are correct before performing this process.
The Payroll 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. Your bank will electronically submit the tax payments on the tax due date and your records for the IRS will be automatically updated. This file is directly related to the Federal Form 941 and reports social security taxes, Medicare taxes, and federal income taxes withheld. You can use records from the Payroll table and/or Earnings table, depending on your reporting requirements.
After you have set up your financial institution information in the Direct Deposit Setup screen, you can create the EFTPS Payroll Tax Deposit File.
After you have created payroll, reviewed the Payroll Edit Report, and printed paychecks and/or direct deposit advices, you can generate the Payroll Tax Deposit File that will contain the payment information to be transmitted to the bank for the tax period for which 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. Once the Payroll Journal is posted, the data required for creating the Payroll Tax Deposit File is no longer available unless you select Earnings Table in the Reporting Source group box.
Use the fields in this group box to define the parameters for creating the EFTPS Payroll Tax Deposit File.
Enter, or use Lookup to select, the ID for the taxable entity for which you are creating the EFTPS Payroll Tax Deposit File. Establish taxable entity information in the Set Up Company Info screen in Costpoint General Ledger. This is a required field.
Enter the first day of the month, in date format, of the effective deposit date of the Payroll Tax Deposit File. For example, enter 04/01/02 for the first quarter tax period of 2002.
Enter, or use Lookup to select, the pay cycle for which you want to create the Payroll Tax Deposit File (you can create only one pay cycle at a time). If you have selected a Default Pay Cycle in the Payroll Settings screen, it will display in this field. This is a required field.
Enter, or use Lookup to select, the direct deposit settings record that you have previously set up for your tax deposits. This is a required field.
Use this drop-down box to select the tax period for which you are making this tax deposit.
Select this radio button to create a deposit file.
Select this radio button to create a prenotification file.
Use the fields in this group box to enter the range of checks that will be included in this tax deposit. The check dates must be within the period selected in the Tax Period field and can include checks in the Payroll Edit table and/or Employee Earnings table, depending upon your reporting source selection.
Enter the starting check date for the range of paychecks to be included in this tax deposit. The format for the date is "MM/DD/YYYY." This is a required field.
Enter the ending check date for the range of paychecks to be included in this tax deposit. The format for the date is "MM/DD/YYYY." This is a required field.
Use the options in this group box to select the bank to which your financial institution will be electronically paying the tax deposit. The bank you select depends on your location in the United States.
Select this radio button if your company is in the Northern and Western United States. Refer to your EFTPS Payment Instruction Booklet for details. (Bank One was formerly First Chicago.)
Select this radio button if your company is in the Southern and Southwestern United States. Refer to your EFTPS Payment Instruction Booklet for details. (Bank of America was formerly Nations Bank.)
Use the options in this group box to select the source of the paychecks you want to include in the tax deposit. You must select one or both of the checkboxes.
Select this checkbox if you have payroll records that have not been posted to the General Ledger and you want to include these paychecks in the tax deposit.
Select this checkbox if you have payroll records that have been posted to the General Ledger that you want to include in the tax deposit.
This group box contains the tax deposit information that will be used to print the report and create the tax deposit file. You can populate the fields in this group box by selecting the Calculate pushbutton. If your tax deposit amounts differ from the calculated amounts, you can override them. If you enter any override amounts in the fields, **** will print in the Override column of the report.
Select the Calculate pushbutton to populate this field with the total social security tax withheld from employee paychecks. To report an override amount, enter the amount in this field. This is a required field.
Select the Calculate pushbutton to populate this field with the total social security tax accrued by the employer. To report an override amount, enter the amount in this field. This is a required field.
Select the Calculate pushbutton to populate this field with the total federal income tax withheld from employee paychecks. To report an override amount, enter the amount in this field. This is a required field.
Select the Calculate pushbutton to populate this field with the total Medicare tax withheld from employee paychecks. To report an override amount, enter the amount in this field. This is a required field.
Select the Calculate pushbutton to populate this field with the total Medicare tax accrued by the employer. To report an override amount, enter the amount in this field. This is a required field.
Enter the one-digit numeric value that will precede the tax ID in the Company Identification field of the EFTPS file's Batch Header Record (column 41) and Company/Batch Control Record (column 45). Enter "1" if only one identifier is needed or if each unit has a unique IRS employer ID number. Enter "9" if each unit does not have a unique IRS employer ID number or if batches are varied because of unique settlement accounts.
Enter the Payroll Tax Deposit File name and path in this required field. If no path is given, the file will be written to your default directory. Every time you create the Payroll Tax Deposit File, a new file is written.
Select this pushbutton to populate the fields in the Reporting Information group box.
Select this button on the toolbar to print the tax deposit report. You then have the option to select the Create the EFTPS Tax Deposit file button on the toolbar to create the Payroll Tax Deposit File.
When you first enter this screen, this button on the toolbar is grayed out. The button becomes available after you have printed the tax deposit report. If you then select this button, you will receive a message asking if you really intend to create the tax deposit file. If you answer OK, the system will create the EFTPS Payroll Tax Deposit File.
This button on the toolbar is available at any time. If you select it, you will receive a message asking if you really intend to create EFTPS Payroll Tax Deposit File. If you answer OK, the tax deposit report prints and the file is created immediately after.
After the system begins creating the file, a "DO NOT INTERRUPT" message and a message showing records processed will display.
Direct Deposit Settings - DIR_DEP_SETTINGS
Maintain Payroll Edit Table - EMPL_PAYROLL
Maintain Employee Earnings Table - EMPL_EARNINGS
Pay Periods - PAY_PD
Taxable Entity - TAXBLE_ENTITY
State - STATE