Way to Change Payroll Benefit Field Name at Sage 50 Software

Are you tired of seeing the same old payroll benefit field names on your Sage 50 software? Does your company require a more personalized approach to their employee benefits? In this blog post, we’ll show you how easy it is to change Payroll benefit field Name at Sage 50 Software and make them work for you!

Maintaining and keeping the payroll data updated is a daunting task, hence more and more businesses are opting for the Sage 50 software. This is one of the most trusted and popular financial software that has been designed to ensure that your accounts have been well placed and organized. Also, the application of the software in our everyday bookkeeping processes enhances the productivity and efficiency of any organization; not to forget the kind of ease the software offers for any future references for the documents. So, what are the Ways to Change Payroll Benefit Field Name at Sage 50 Software? Let us take a look;

Read More-: Sage 50 Payroll Renewal

Top Ways to Change Payroll Benefit Field Name at Sage 50 Software

Here are some of the best ways to effectively change the payroll benefit field name at Sage 50 software:

Method 1: Createing an Income or Pay Deduction

• Start by creating an income or pay deduction field
• One can get this done by going to the Sage Payroll software and selecting the ‘Set-up’ option and then clicking on ‘Setting’. 
• Go to Payroll > Employee Name > Income & Deductions
• One can easily update the income and deduction field accordingly with the required entry. 
• Likewise, for the income field, the type of income can be selected whether it is on an hourly basis, differential, i.e overtime hours, income incurred for holiday hours or the night shift pay, or piece rate which is figured out by calculating the items that have been produced by an employee. 
• Here, one needs to take note that the income mainly reflects the base pay rate for the regular period: whether Monthly or weekly. 
• Similarly, the benefit also signifies additional values that have been renumerated to an employee as a reward for the work done by them. 
• One needs to update the benefits separately on the Sage 50 accounting payroll software to calculate the taxes just right.

Method 2: To Link the Sage software with the Bank Accounts

• In order to do this, the user needs to connect to the employee’s income account on the system by Linking Accounts > Payroll > Income and Benefits. 
• To be able to locate the employee’s income field in the system one needs to: Click on inked Accounts and click select the appropriate account. 
• The user can easily change the payroll benefit field name within Sage 50 by applying the above steps. Likewise, the user will need to further work by calculating the deductions based on income and benefits that have been incurred. 
• In order to avoid any confusion and to save operational costs one can easily reach out to Sage Support as it allows:
  • Getting prompt assistance regarding the features and the functions of the Sage 50 Payrolls & Accounting software
  • The turnaround time to process is rather quick to process the payroll, particularly processing the year-end salary.
  • Acquiring the leveraging knowledge of the Sage 50 expert team

Solution 3: To change a Benefit or Tax Payroll Field Name

• Go to Maintain > Payroll > Reclassify > Rename Payroll fields.
• Next, go to the Category Column and highlight the Payroll Field you need to rename.
• Click on the Rename option. 
• Here, enter the new name within the New Field Name 
• Click OK
• You are done.

The Importance of Payroll in Sage 50 Software

As mentioned earlier, the Payroll feature of the Sage 50 is one of its most sought-after aspects that has been valued by various corporations and organizations. This is because the manual methods are tiring and can also incur errors. Not to forget the ‘providers’ who usually overcharge and underdeliver the kind of service you are expecting. This is where a platform like the Sage 50 comes to play, as one of the most highly beneficial features that can be provided to the employees. To be precise and accurate when providing a paycheck is one of the best aspects of a reputed company or organization: big or small. So what are the processes or steps one news to take care of when selecting a new payroll software (like Sage) for your company’s needs.

The Process of Evaluation

Here are a few aspects you need to consider when evaluating the software:

The Timing:

One of the most important aspects when planning on conversion to a new payroll is to consider the ‘Timing’. This is because most organizations have a certain Period as to when is the best time to make the transition. This is usually after a quarter end, or after the year’s end. It has been recommended by the experts that the start of the year is the best time for transition as one can simply import the employee demographic and set up data and start the new year with zero balance in the system. 

Likewise, the start of the quarter is also a good time to start new with a transition to Sage 50. However, while the start of the quarter is a good choice, you still have to convert the Calendar year information pertaining to employee taxes, earnings and deductions. Also, converting the information accurately can be quite a problem and full of errors. Such problems arise as an effect of W-2 reporting to the US or T4 releve 1 reporting in Canada. The same can be explained about the earnings and deductions and also the employer’s tax liability data. Also, one has to ensure that all the quarter-end reporting is rightly entered when Sage 50 software is being implemented.

The Evaluation Team:

Compiling the right team in order to evaluate the options well enough is yet another option one has to consider when switching over to the all-new and exciting Sage 50 software. This essentially means that there has to be a representative from every department who is a stakeholder in the process of payroll. This comprises the HR, Information technology-IT, Accounting team and the Executive team. This is essential as once the right team has been selected you will have all the buy-ins that are required at the time of purchase and implementation of the new payroll system.

The Payroll Tax Management and Reporting

This is one of the most important aspects of any payroll software. It can be quite problematic if the organization fails to file and pay accurately and on time to the employees. Here, it is required that the Employers need to file and pay taxes to both the Canadian and the US governments, as well as the individual state and local governments. Here most authorities require e-filing or tax reports and payments. Hence the tax updates must be regularly updated according to the format that is convenient for you. Additionally, be sure that the new software also supports the Supplemental tax tables, pretax deductions, Electronic Federal Tax Payment System-EFTPS, Electronic File Transfer support-EFT and Electronic media for all.

The Security

Security is one of the most important aspects when considering a new payroll software. However, Sage 50 is highly recommended for the same. Nevertheless, this is also essential, as the payroll comprises Social Security Number and other financial information. Also, most employees prefer the option of being paid by the payroll card and direct deposits, hence the software will also be dealing with sensitive data like the employee bank account numbers and other banking information regarding your company’s payroll accounts. Hence, take note to know that the software features a comprehensive and easy-to-configure security system. This should also include who can access, view, modify, and report the data.

The Flexibility

Various employees have different financial requirements and goals. Hence, offering flexible payment methods allows them better financial management and also leads to the opportunity to save for payroll costs. Likewise, direct deposits and payroll cards cost much less as compared to printing paycheck on paper. Hence, these methods are much safer when it comes to minimizing the risk of fraud, the cost of cancellation and reissuing lost or stolen paper checks.

The Integration Capabilities

Another important aspect of reputed software is the ability of the payroll software to easily integrate into the existing Human resource management system-HRMS and the general ledger software concerning other related applications. They include the likes of timekeeping and business intelligence. You need to check if your payroll system can easily exchange data with a variety of other software seamlessly. 

For this, some of the aspects to check the same includes a payroll system that also comprises the integrated HR functions as a built-in or an optional component. Overall, the payroll, HR And Accounting consist of some serious overlaps hence sharing of the data allows all the systems to stay in sync and utilize the latest and accurate data.

Also Read-: How to Switch Payroll Companies

Conclusion

The payroll and other aspects related to it are sensitive data, hence they need to be dealt with in a responsible manner. The Sage 50 software is one such platform that effectively and efficiently manages such sensitivity with great responsibility. However, if you need any further assistance in doing so, you can easily reach out to our team of experts and we will be more than happy to help you out. Contact our executives at 1800-964-3096 today to get all your doubts solved.

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