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

 

We hope that these guidelines prove helpful.