New Startwork Features & More: What’s New in Wrapbook

Just like that, we’re heading into the final months of 2024. But the upcoming holidays aren’t slowing down our commitment to making your experience with Wrapbook delightful and friction-free.

Take a look at our latest product updates, as well as a few holiday and year-end items to note to ensure a smooth transition into 2025. It’ll be here before you know it!

Upcoming bank holidays

Before we jump into those updates, a few reminders… With the holiday season now here, both banks and Wrapbook will be closed on the following dates: 

• Monday, November 11 (Veterans Day)
• Thursday, November 28 (Thanksgiving Day) 
• Wednesday, December 25 (Christmas Day) 
• Wednesday, January 1 (New Year’s Day)

If your planned payroll date falls on a bank holiday, please prepare for additional payroll processing time to avoid delays in payment.

Get ahead of year-end tasks

As an Employer of Record (EOR), Wrapbook will file all quarterly and annual returns for any workers and wages processed through the Wrapbook platform and under Wrapbook's EIN. 

Any financial transactions processed or paid outside of Wrapbook is your responsibility to file directly with the appropriate agencies.

Have questions? See our End-of-Year FAQs. And to help ensure that your year-end tasks run smoothly…

1. Request reversals for any year-to-date payrolls: The deadline to request a reversal for any payroll processed between January 1, 2024 and the present is 5pm EST on Friday, November 22. 

2. Double-check your worker classifications: The deadline to update classifications is 5pm EST on Thursday, January 2, 2025. If you find a misclassified worker, please reach out to support@wrapbook.com.

Create multiple budgets

For Production Accounting Suite only

And on to our most recent updates! Now you can create and manage multiple budgets within a single project using Wrapbook’s Production Accounting Suite. You can:

• Isolate and report on costs for individual episodes, mini-projects, webisodes, and more.
• Create project-specific or consolidated cost reports across budgets.
• Handle location-specific costs more effectively.

Improvements to distribution changes 

For Production Accounting Suite only

Distribution changes made for transactions posted in current or future periods no longer automatically create journal entries. This serves to:

• Reduce the number of redundant entries in the General Ledger.
• Streamline changes made to posted transactions.

AP aging for wire transfers and manual checks

For Production Accounting Suite only

AP invoices paid via wire transfer or manual check can now be posted to the General Ledger without payment details, meaning you can assign payment numbers and dates later through the vendor payment process. As a result, you can:

• Manage cash flow more effectively by separating the posting of AP transactions from the actual payment. 
• Gain more control over when payments are recorded in the General Ledger.

For any questions about multiple budgets, distribution changes, or AP aging, reach out to your Customer Success Manager.

Enhanced startwork tools

We are thrilled to introduce new features for creating and editing startwork in Wrapbook! You now can:

• Upload your own startwork—DOCX or PDF (fillable and non-fillable).
• Apply Smart Fields to documents.
• Edit documents with standard word-processing tools (font type, font size, bold/italic/underline, text color, line spacing, inserting tables, bullets, numbering, indentation, etc.).
• Allow workers or production team members to initial and sign documents multiple times.

Shooting a project in Massachusetts?

You can now designate projects in Wrapbook as Massachusetts Tax Credit projects, making loan-out payments eligible for tax credits.

Here’s how to do it:

1. When creating a project in Massachusetts, you’ll see a prompt asking if it’s a Massachusetts Tax Credit project. 

2. Selecting “Yes” will enable Wrapbook to automatically collect Massachusetts Withholding IDs and withhold the appropriate state income taxes for loan-outs.

One important note: Even with this update, you are still required to complete a loan-out affidavit outside of Wrapbook. If you have any questions, your Customer Success Manager is here to walk you through them.

Wrapping up

Given our goal to help production accounting and payroll teams accomplish more work, faster, and with greater data integrity, Wrapbook is continually enhancing our product and experience for customers. 

Whenever you have questions, we encourage you to head over to our Help Center for an in-depth breakdown of our production payroll platform or reach out to our Support Team for additional info and answers.

And to see for yourself how Wrapbook is shaping the new possible of production payroll and accounting, set up a demo request with our Sales Team!