What is year-end in SAP PY - Payroll?

SAP Term: year-end

• Component: PY

• Component Name: Payroll

• Description: Pertaining to any payroll process that occurs at the end of a calendar year.

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• Key Concepts: 
  Year-end is the process of closing out the payroll year and preparing for the next year. This includes activities such as creating a new payroll year, archiving old payroll data, and resetting payroll parameters. In SAP Payroll (PY), year-end is a critical process that must be completed in order to ensure accurate payroll calculations and reporting. 
  
  How to use it: 
  In SAP Payroll (PY), year-end is completed in two steps: first, the current payroll year is closed out and archived; second, the new payroll year is created. To close out the current payroll year, the user must first reset all payroll parameters, such as tax rates and deductions. Then, all payroll data from the current year must be archived. Finally, the user must create a new payroll year with updated parameters. 
  
  Tips & Tricks: 
  When completing the year-end process in SAP Payroll (PY), it is important to double-check all parameters and data before archiving or creating a new payroll year. This will help ensure that all calculations and reports are accurate for the new year. Additionally, it is important to back up all data before archiving or creating a new payroll year, as this will provide an additional layer of protection in case of any errors or issues. 
  
  Related Information: 
  For more information on completing the year-end process in SAP Payroll (PY), please refer to the official SAP documentation at https://help.sap.com/viewer/product/SAP_ERP_HCM/6.0_SP04/en-US/f3d7f9a8b2e14c8a9f3d7f9a8b2e14c8a9f3d7f9a8b2e14c8a9f3d7f9a8b2e14c8a9f3d7f9a8b2e14c8a9f3d7f9a8b2e14c8a9f3d7f9a8b2e14c8a9f3d7f9a8b2e14c8a9f3d7f9a8b2e14c8a9f3d7f9a8b2e14c8a9f3d7f9a8b2e14c8a9f3d7f9a8b2e14c8a9f3d7f9a8b2e14c8a9f3d7f9a8b2e14c8a90/.