Setting Up Payroll Defaults in Sage 50

Setting Up Payroll Defaults in Sage 50 ?

Support Team Asked on December 15, 2017 in Sage 50.
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    When Sage 50 Accounting builds your account list, all required payroll accounts are created for you. Before you add your employee records, set up

    1. Incomes and deductions you’ll use in your business

    2. Entitlements you provide, and how they are calculated

    3. Tax rates for unemployment, worker’s compensation, and other employer expenses

    4. Employer-paid expenses specific to your business (user-defined expenses)

    5. Starting balances for amounts you owe payroll authorities

    You should also review the accounts you will use to track payroll advances, payroll liabilities, wage expenses, and other payroll related expenses..

    All payroll settings are conveniently located within the Payroll group in the Settings window. To learn more, select an item in the Payroll group, and then click the Help button.

    Entering Employee Information

    1. You can enter basic employee information (contact information, birth date, SIN, hire date, Mobile No) in:

    Employee Ledger- Open the Employees & Payroll page in the Home window. In the Tasks pane, right click the Employee’s icon and then select Add Employee from the menu.

    Setup Guide- From the Setup menu, select Setup Guide, and from there choose the Employee option.

    2. For each employee, enter the following additional information-

    Taxes- Add tax information, such as the province of employment, and the employee’s all federal and provincial claim amounts.

    Income- Select the applicable incomes, enter pay rates and calculate vacation, and the number of pay periods per year.

    Deductions- Select the applicable source deductions and than enter pay period amounts.
    WCB & Other Expenses. Enter the Worker’s Compensation rate, and pay period contributions for additional employer paid expenses.

    Entitlements- Record how entitlements, such as sick days, are calculated.

    T4 and RL-1 Information- Enter and review T4 and RL-1 slip information, in which pensionable and insurable earnings are mentioned.

    Additional Information- You can create up to 5 user-defined fields in which to store additional employee information. If you set up these fields in Payroll group in the Settings window, then you can enter employee all information here.

    Memo-. Add reminders and notes.

    Direct Deposit- If you offer direct deposit to any employer, turn on the option on the employee’s record and then specify the bank accounts to which their pay is deposited.

    If you have already processed payroll for the year, you will need to record historical information to print the correct amounts on employee T4 and RL-1 slips at the end of the year.

    For each employee, enter:

    1. Taxes paid
    2. Advances paid
    3. Taxable benefits to date
    4. Vacation owed and paid
    5. Wages paid
    6. Deductions taken
    7. User-defined employer expenses to date
    8. Year-to-date pensionable earnings, EI premiums, and for Quebec employees, QPIP premiums

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

    See More: Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Sage issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If you are experiencing too many issues, you may want to more info Call Sage Technical Support Number

    Support Team Answered on December 15, 2017.
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