Migrating to Sage Business Cloud at Payroll Year End
It’s that time of the year again; the payroll year end is upon us and it’s necessary to get your business prepared for this important transition. This can be a stressful process, as there are many different things to consider, like data migration and software updates. One of the most efficient solutions for this transition is migrating to Sage Business Cloud at Payroll Year End. With its comprehensive suite of payroll services and cloud capabilities, Sage Business Cloud can help you streamline your payroll operations and ensure accuracy come tax time.
Before the expiry of the tax year 2021/2022, users of Sage Instant Payroll will be required to change their Payroll software. Sage has designed the alternative payroll solution named Sage Business Cloud (SBC) Payroll.
Legislation updates have not been made available post 6 April 2022 for Instant Payroll for the tax year. If you continue processing your payroll in Instant Payroll after 6 April 2022 your figures will not calculate correctly. However, for the 2021/2022 tax year, you can still generate P60s in Instant Payroll. All you need to do is to complete the processing for the 2021/2022 tax year in Instant Payroll and submit your data to HMRC at year end. Please note that in any case, processing for the 2022/2023 tax year must be done in SBC Payroll.
If you have migrated to SBC Payroll before the expiry of the tax year 2021/2022, this article can be useful for you. Here, we will discuss the important differences between the year end process in Instant Payroll and SBC Payroll.
Before proceeding to the core section, let’s start with the basics
What is Sage Business Cloud Accounting?
Sage Business Cloud (SBC) Accounting, formerly known as Sage one, was created with the distinct needs of small business owners and freelancers in mind. It is inexpensive but offers a robust set of features such as invoicing, expense tracking and reporting. There are two plans available for the SBC software: one for individual users and one for teams.
Like many latest software solutions, Sage Business Cloud Accounting’s pricing is based on a monthly subscription fee This frees you from having to purchase licenses, download updates, renew annual plans, and distribute limited licenses across your company. The subscription-based model ensures Sage Business Cloud Accounting’s price is competitive with similar accounting software platforms, and you don’t have to worry about manually updating the latest version.
Read More-: Migrating Payroll Data
How to Run your Year End Payroll in SBC Payroll?
A) Year End Submissions
- To process your Year End submissions in SBC Payroll.
- Choose Year End .
- Next, go to EPS submissions and finally click on the Submit EPS button
B) Back Up
In your SBC Payroll, there is no need to take backups of your company data. You can simply edit completed pay runs and make your corrections.
C) Complete the Year End Process
- To complete the Year End process in SBC Payroll.
- Choose Year End .
- Next, go to EPS submissions and finally click on the Submit EPS button.
D) P60 and Archive
- In SBC Payroll, you can complete your final Pay Run easily for the tax year.
- Click on the Year End tab,
- Go to the Tax year to report on drop-down and specify the relevant tax year.
- Finally, click on Print P60 Certificates.
How to Run your Year End Reports in the SBC Payroll?
- Deductions Working Sheet P11
In SBC Payroll, click on the Year End tab. Then go to the Tax year to report on drop-down and specify the relevant tax year. Go to the Review Employee Pay (P11) section. Next, choose to View P11 against the individual employee names. Alternatively, you can click on View P11 for all employees.
- P32 – Employer Payment Record
Once you complete the final pay run for the tax reporting period, the Completed Pay Run window will appear on your screen. Now go to the HMRC Real Time Information (RTI) Scheme and click on P32 Employer Payment Record.
- P32 Payment Summary Reconciliation Report
In SBC Payroll, there is no equivalent report for P32 payment summary reconciliation. This report in Instant Payroll will include details of amounts to be paid to HMRC and payments made through e-Banking. However, in SBC Payroll, you can view a breakdown for individual tax months. To do this, you will need to run go to the Pay Runs section and click on the P32 – Employer Payment Record. Then, you will have to select the pay run you want to view and that was processed earlier in the tax reporting period. Finally, go to the HMRC Real Time Information (RTI) Scheme and click on P32 Employer Payment Record.
Also Read-: Migration Tool to Sage Business Cloud Accounting available
We hope the above discussion would provide you with enough information about Sage Business Cloud Accounting and how to run payroll and reports in it. If you want to know anything more about this payroll software, you may speak to some experienced Sage professionals 1800 964 3096.
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💠Frequently Asked Questions💠
What Existing Data will not be converted during the Conversion to Sage Business Cloud Accounting?
The following types of existing data will not be converted while migrating to SBC-
🔹 Fixed Asset Registers
🔹 Classes / Projects
🔹 Custom VAT rates
🔹 Product/Sales Items
🔹 Invoice and other Templates
🔹 Deleted or canceled transactions
🔹 Sub-account structure of the chart of accounts
🔹 Payroll and Employee Records
🔹 Default nominal codes, tax rates and payment terms
🔹 Open/Draft Transactions
🔹 Time-sheets/Time Records
🔹 Nil value invoice line items
Is integrating with other Software possible in Sage Business Cloud?
In the Sage Marketplace, there are as many as 40 integrations possible for Sage Business Cloud Accounting. This enables you to connect Sage to multiple business systems to enhance the effectiveness of your operations. To give you an example, you can connect the software to your point-of-sale (POS) system to record and categorize transactions automatically. this will save you time and labor needed otherwise in financial reconciliation. You can also integrate it with your customer relationship management (CRM) systems and ensure the best services for your clients.
What are the Important Reporting features incorporated in Sage Business Cloud?
Over 20 financial reports, including balance sheets, profit and loss statements, general ledgers, trial balances and aging reports are available in Sage Business Cloud Accounting. If you frequently need to generate the same type of report or statements, you can save it as a favorite by clicking on the star icon. These reports will then be grouped under the Favorites section.
If your business is interested in analyzing your accounting data, having quick access to different types of reports is valuable for you. Such real-time data can help you make key business decisions.
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