Monthly Spotlight on eFinancePlus (eFP)
As we progress through the year, our focus remains on providing you with the tools, insights, and updates needed to optimize your eFinancePlus experience. This month’s spotlight highlights key updates, helpful reminders, and best practices to streamline your workflows and keep your systems running efficiently.
What’s New in eFinancePlus?
W-2 and 1099 Module Updates
- 2024 W-2 Updates: Added Box 12 Code II for Income from Exclusion of Medicaid Waiver Payments.
- Improved W-2 Detail Reports: Now include RO, RU, and additional RW record fields to ensure accurate reporting of electronic files.
- Enhanced W-2C Detail Reports: Reflect RCO, RCU, and new RCW record fields.
- 1099 Updates:
- 2024 tax year formatting applied to 1099-MISC, 1099-NEC, and 1099-G forms with updated instructions.
- New fields added to 1099-INT processing, including market discount, bond premium, and FATCA filing requirements, with updated forms and reports.
Reminders for Year-End Preparations
As the fiscal year-end approaches, don’t forget to:
- Review EFT Bank Codes in Fund Accounting to confirm accurate routing and account details.
- Validate Employee Records for precise quarterly wage reporting.
- Verify Vendor Information before processing final payments to avoid delays or errors requiring voided checks.
Support Spotlight
This month, we assisted districts in resolving insufficient funds and payment reversal issues.
Quick Tip: When voiding AP checks, ensure that all customer balance updates are accurately reflected in the system to maintain reliable records.
Upcoming Training Opportunities
Mark your calendars for these engaging sessions:
- FYE Q&A
- Payroll: Friday, January 3rd, 9:00 AM – 11:00 AM
- Fund Accounting Management (FAM): Friday, January 3rd, 1:00 PM – 3:00 PM
- Coffee Collaborations
- Fund Accounting: Monday, January 13th, 9:00 AM
- Human Resources: Monday, January 27th, 9:00 AM
- eFP Open Lab
- Friday, January 24th, 9:00 AM – 3:00 PM
We’re committed to supporting your eFinancePlus journey. If you have any questions or need assistance, our support team is here to help. Let’s make the most of eFP together!
Payroll Important Dates:
- Federal filing deadline to submit W2s to Social Security Administration Business Services Online is January 31, 2025.
- Ohio State Tax filing deadline to submit W2’s to Ohio Business Gateway is January 31, 2025.
- Indiana State Tax filing deadline is January 31, 2025.
- Kentucky State Tax filing deadline is January 31, 2025.
- Michigan State Tax filing deadline is January 31, 2025.
- Pennsylvania State Tax filing deadline is January 31, 2025.
- West Virginia State Tax filing deadline is January 31, 2025.
- Regional Income Tax Agency (RITA) filing deadline to submit W2s online is February 28, 2025.
- Central Collection Agency (CCA) filing deadline to submit W2s online is February 28, 2025.
- City Tax filing deadlines may vary. Please check with each city.
- IRS Fire 1099 filing deadline for 1099-NEC is January 31, 2025. (paper or e-filing)
- IRS Fire 1099 filing deadline for 1099-MISC is March 31, 2025 (e-file) February 28, 2025. (paper filing)
Don’t forget!
The Ohio Minimum wage is increasing from $10.45 to $10.70, effective January 1, 2025
The deadline to File 23Q4 941 Form is January 31, 2025
The deadline to complete the Annual Reconciliation for Ohio Withholding on Ohio Business Gateway is January 31, 2025.
The deadline to complete an Annual Reconciliation for Ohio School District Income Tax on Ohio Business Gateway is January 31, 2025.
For School Districts adding, removing, or updating an Ohio School District Income Tax for 2024, the list can be found here: 2025 School Districts with an Income Tax List.
A complete list of Ohio School District numbers can be found here on pages 55-60: Ohio School District Numbers.