If you are an employer, you would surely agree that processing payrolls of your employees and ensuring timely and accurate payments to them have been quite a challenge of late. Tax tables and other rules change frequently and this makes payroll processing an increasingly complex affair these days. But, if you are using Sage 50, you may have been able to process your payroll with less effort. This highly popular software has embedded a comprehensive payroll module to benefit small and medium businesses. With its plethora of functions and useful tools, performing the payroll activities has become a smooth affair for businesses, to say the least.
Payroll remittance is one such important payroll feature incorporated in Sage 50. Are you yet to use this feature? Even if you have not used it so far, you don’t need to bother! We are here to assist you. Simply go through this blog. Here, we will discuss certain easy ways to set up a new payroll remittance in Sage 50. Just perform the steps sequentially and enjoy the payroll features provided by Sage 50.
Here we go!
How to Setup a Payroll Remittance in Sage 50?
Please follow the steps mentioned below-
Total Time: 35 minutes
Open the Vendor List
🔷 Navigate to the home window,
🔷 Click on Vendors. The Vendor list will appear on your screen
🔷 Please note- if no vendor name appears on the list, you need to create a vendor record first.
🔷 Click Save & Close to proceed
Linked Accounts
(A) Setting up Remittance
🔷 Navigate to Setup
🔷 Go to Settings
🔷 Click on Payroll
🔷 Select the Remittance tab
🔷 click on the magnifying icon to link the CPP , EI and Tax to the Receiver General vendor for Canada. Alternately, you may also double-click on the empty box)
🔷 the Select vendor screen will appear
🔷 choose Receiver General for Canada
🔷 Click on Select.
🔷 Specify your preferred remitting frequency and last day of the next remitting period.
🔷 Click OK to save
(B) Make sure to use the correct accounts (Linked accounts for remittance accounts)
🔷 verify the GL report through Reports, Financials and then General Ledger Report- to confirm the amounts to remit
🔷 Navigate to Setup
🔷 Go to Settings
🔷 Click on Payroll
🔷 Now click on Linked accounts
🔷 Go to Taxes
🔷 Confirm that the proper accounts are linked to each and every field
🔷 Click OK to finish
Final Words
We hope the steps mentioned above would help you set up a new Sage 50 payroll remittance on your computer. If you are finding it difficult to perform these steps or if you want more information about the Payroll Module in Sage 50, you should consult with some authorized Sage experts.
👉 Frequently Asked Questions
Q 1. What is Remittance in Payroll?
Ans : A remittance is the precise amount you need to send to the CRA, after giving a taxable benefit or paying a remuneration to a recipient. You need to go to Payroll deductions and contributions to get information about how to calculate source deductions and your share of EI and CPP.
Q 2. What is the Procedure to Create a new Payroll income in Sage 50?
Ans : Here is a step-by-step procedure to create a new payroll income-
▪ Open Sage 50
▪ Click on Setup
▪ Navigate to Settings
▪ Click on the Payroll tab
▪ Navigate to the Income section
▪ Now, change the name of the next available Income with the income you wish to create.
▪ If needed, you may also change the income type
▪ Specify the taxes columns, if required
▪ Click on the Linked Accounts tab
▪ Now click on Payroll again
▪ Navigate to Income
▪ Click on the New Income column. Now you need to link the new income you created to your Wages account.
▪ Open the relevant Employee Record
▪ Click the Use column. Here, you need to specify the specified rate for the new Income.
Q 3. How can I Manually Install the Payroll Tax Updates in Sage 50 2022?
Ans : Please follow the steps given below-
▪ Open the Sage 50 2022 software
▪ Go to the Reports And Forms section
▪ Click on the Forms tab
▪ Select Tax Forms
▪ Now Open the Payroll Tax Forms tab
▪ Open your preferred tax form
▪ A prompt will ask you to install the tax updates
▪ Now click on the Download Updates tab
▪ After the download process is complete, click on Run Update
▪ The installation of the Sage 50 2022 payroll tax forms will start
▪ You will be asked if you wish to overwrite all the existing files. Click Yes to All to proceed
▪ Follow the on-screen instructions to complete the installation
