Payroll Year-End Procedures

How Do I...

Payroll Year-End Checklist

If your company records payroll transactions in Sage 50, payroll year-end procedures consist of the following:

• Install the latest Sage 50 tax service update (must be subscribed to a Sage Business Care plan.
• Verify that your state unemployment wage limit and percentage rates are correct
• Print reports or forms needed for auditing, adjusting, or year-end closing purposes
• Make a complete backup of your company data
• Close the current payroll tax year (may not be required)

After-the-Fact Payroll and Payment Information

The following procedures may be required if you need to enter after-the-fact information before you print payroll forms and close the payroll tax year.

• Enter after-the-fact payroll information to print employee W-2 forms
• Enter after-the-fact payment information to print vendor 1099 forms

Troubleshooting Procedures

The following procedures may be required if you encounter problems while printing reports or forms before you close the payroll tax year.

• Troubleshoot problems after printing employee W-2 forms
• Troubleshoot problems after printing vendor 1099 forms
• Troubleshoot payroll tax calculation errors during payroll entry

After Closing the Payroll Year

You will need to update the employer's state unemployment (SUI ER) tax table and adjust new limits and rate percentages.

• Update the employer state unemployment (SUI ER) tax formula to a new payroll tax year

What do you want to do next?

• Read about the Sage 50 Year-End wizard
• Perform other payroll tasks
• Read the year-end overview

Published: March 21, 2017
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