Office of Financial Management
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Reconciliation

Below are instructions and worksheets to help agencies reconcile the state payroll revolving account and federal tax deposits.

Account 035 - State payroll revolving account

Medical aid and industrial insurance premiums

Federal tax deposit

Year-end balancing

OFM strongly suggests that you reconcile at the end of each payday. Forms 941, 941-X, W-2, and W-2c must balance for the calendar year. If these forms are not in balance, penalties from the IRS and/or SSA could result. Use forms for the calendar year being balanced only.

Year-end information