How do I create a new payroll income or deduction?

How do I create a new payroll income or deduction?

Support Team Asked on January 6, 2018 in Sage.
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    Resolution

    Section I: Create the Income or Deduction

    1. Select Setup, then Settings
    2. Select PayrollNames, then Incomes & Deductions.
    3. Rename the next available Income or Deduction in the Name column besides the desired entry.
    4. Select the category for either Incomes or Deductions on the left hand side of the window.
      • For Incomes, select the desired Type of income.
        Hourly Represents a base rate of pay paid on an hourly basis.
        Differential Represents an hourly rate of pay which is paid beyond normal working hours, such as overtime, night-shift, or holiday hours.
        Piece Rate Represents a pay rate dependent on the number of items produced by the employee.
        Income Represents a base pay rate based on regular pay periods, such as a bi-monthly cheque.
        Benefit Represents a benefit paid to an employee. Benefits are reported on both T4 and RL-1 forms, regardless of whether or not you have set up Sage 50 Accounting to calculate taxes for them.
        Benefit (Que) Represents a Quebec-only benefit paid to an employee. Quebec benefits are reported only on Relevé 1 (RL-1) slips.
        Reimbursement Represents an expense for which an employee is reimbursed, such as a car lease.
      • For Deductions, select the Deduct By type of Amount or Percent of Gross.
    5. Adjust the checkmarks in the Deduct or Calc columns columns as necessary.

    Section II: Linking Accounts

    Step I: Link the new Income

    1. Select Linked Accounts,Payroll, and select Incomes.
    2. Locate your new Income in the column.
    3. In the Linked Accounts column, select the appropriate account.

    Step I: Linking the new Deduction

    1. Select Linked Accounts,Payroll, and select Deductions.
    2. Locate your new Deduction in the column.
    3. In the Linked Accounts column, select the appropriate Linked Account and Payment Adjustment Account.

    Section III: Enabling the new Income or Deduction

    Step I: Enabling the New Income

    1. Open the Employee Record and go to the Income tab.
    2. Place a check mark in the Use column beside the new Income.
    3. Enter the appropriate rate or amount for the Income in the appropriate column.

    Step II: Enabling the New Deduction

    1. Open the Employee Record and go to the Deductions tab.
    2. Place a check mark in the Use column beside the new Deduction.
    3. Enter the appropriate rate for the Income in the Amount per Pay Period or Percentage per Pay Period column

    Source: Sage Community forums.

    Disclaimer: Sage Accounting Solution is an independent provider of Sage Related services and is not affiliated with Sage.

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    Support Team Answered on January 6, 2018.
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