Set Up New Year Pay Schedule

Before running our first payroll for the new calendar year, is there anything special that needs to be done (other than installing the year end tax update)? MIP does not require any "close out" procedures at the end of the year. However, you will need to setup the following:

• Create the new year pay schedule for each of your active processing group codes (Maintain>Payroll>Processing Groups)
• Update the Bank Holiday schedules for Direct Deposit (Organization>Set Up Modules>Electronic Fund Transfer>Bank Holidays).
• Update the local tax rates (Maintain>Payroll>Other Taxes)
• Update your SUTA rates (Maintain>Payroll>State Taxes)
• Update your Workers Compensation rates (Maintain>Payroll>Workers Compensation Codes
• Install the year end tax update (tax tables are downloaded - NPSTax.dll).