Each year, after the year is over (i.e, January), certain reports need to be produced. We’ll concentrate on the W-2, the government form that details how much an employee earned and paid in taxes. A W-2 must be produced for each employee by the end of January so it can be used in individual tax returns. PeopleSoft’s W-2 process is designed to make this process simple, and more importantly, accurate.
Many things can go wrong with producing W-2s. An employee could find an error, and a new W-2 will need to be produced. Errors in individual payrolls, which you’ve ignored so far, pop up again. Few people look forward to producing W-2s. At least in PeopleSoft most of the processing is handled automatically.