W-2 Quarter

Use the W-2 Quarter utility to open a new quarter for tracking payroll data.

You must open a new W-2 quarter before you process the first payroll in that quarter. You perform quarterly initialization at the end of each calendar quarter. This procedure affects payroll data only; it does not affect any other Vantagepoint data.

You can use the following Payroll reports to review W-2 data, which you can print at any time, for any quarter:

  • 940 Worksheet
  • 941 Worksheet
  • State or Local Income Tax Worksheet
  • State Unemployment Insurance Worksheet

When you open a new W-2 quarter, Vantagepoint records the opening of the quarter when you click Print Posting Log Review on the Actions bar of the Posting Review form in Transaction Center > Posting Review.

In the Posting Log Review report, the entry displays as an AL transaction type, to indicate that it is an audit log posting.