Sprout Reminder: Year End Preparation
To ensure smooth and seamless processing, the best practice is to plan out your year-end activities as early as now. Setting cut-off dates and timelines ensures that all critical tasks are covered and deadlines are met.
Here are some steps to help you prepare for Pre-annualization, Alphalist and BIR 2316 Forms.
Please note that this content is for general information purposes only and should not be used as a substitute for specific advice. We highly encourage you to coordinate with your internal teams and your respective RDOs for specific deadlines and other requirements.
Pre-Annualization:
- Collect and upload “Previous Employer Data” of newly hired employees
Note: If no 2316 submitted, a waiver should be presented to ensure no previous employer
- Update tax status and list of qualified dependents of employees
- Upload payroll items processed outside of Sprout
- Validate and reconcile YTDs to check tax withheld and possible adjustments
- Consider 13th month and other bonuses included in 90k threshold
- Consider final pay computations processed outside Sprout
- Reconcile filed 1601-Cs from January 2018 versus YTDs from Sprout
Alphalist and BIR Form 2316 Preparation:
- Segregate and determine the list of employees belonging to specific alpha list schedule
- Classify and map taxable and non-taxable earnings
- Convert and submit text file per Alphalist Schedule
- Print and distribute BIR Form 2316 to employees
- Prepare DVD-R with copies of signed Form 2316 and submit to BIR
Others:
- Process and Payout Leave Encashment (if applicable)
- Process and Payout 13th Month and Other Bonuses
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