Payroll (PK) 2004 for TOM System V is now shipping.  This updated payroll application is recommended for anyone that has to report W-2’s magnetically.  The magnetic media reporting deadline is February 28, 2004.  In addition, it has an enhanced Direct Deposit capability.  This requires an upgrade to KCML 6.0, the language product. 

The magnetic media upgrades are important because, although the file layout has not changed for magnetic media, SSA has tightened the specification for the field values.  In addition, the encoding of the Submitter Contact Method field has changed. 

Direct Deposit now allows up to five deposits from one paycheck.  A new payroll register reports just the direct deposit activity in a separate report.  Your reseller can modify the report to output to a text file to interface with your third-party Direct Deposit software.