Payroll Setup with Payroll Wizard in Sage 50
With an unmatched spectrum of useful tools and functions, the Sage 50 accounting software has been making sustained efforts to fulfill the accounting needs of its users. The Sage Payroll Wizard is one such important tool embedded in this accounting software.
If you are yet to set up your payroll with the Sage 50 Payroll Wizard and are not aware of how it can help you, you are definitely missing something! Fret not! Just go through this blog. Here, we will look at how to setup the Payroll with the Sage 50 Payroll Wizard on your system.
Here we go!
What are the Benefits of Sage 50 Payroll Wizard?
The Sage 50 Payroll Wizard helps you establish the following-
- State unemployment limit & percentage
- State & locality defaults
- Common state and federal payroll fields for both employee-paid and company-paid taxes
- General ledger account defaults for your payroll fields
- Payroll fields for employee vacation and sick time
- Optional payroll fields for employee tips and meals
- payroll fields for employer and employee contributions to retirement plans, flexible spending accounts and insurance plans
How to Setup Payroll with Sage 50 Payroll Wizard?
- Open Sage 50
- Go to the Maintain menu
- Click Payroll
- Choose the Payroll Setup Wizard
- The first windows will prompt you to choose the option from ‘Full Service’ or ‘Do it Yourself in House’. After selecting the option, click Next
- Now you will need to enter the basic company information
- Enter your state and federal employer ID.
- Enter/select the relevant state abbreviation for the primary state where your employees work.
- Enter your state unemployment ID and rate related to unemployment insurance.
- If a tax is associated with your state, enter the rate for that tax in the specific field
- Choose Yes to create payroll amounts for the Meals and Tips your company provides to the employees.
Setup the Default Information for your Employees in the Custom Fields
- Here, you will create just the labels for the custom fields.
- Next, the actual data is entered on each employee record in the Maintain Employees section.
- Other information you may track with custom fields may include:
- The name of the employee’s spouse and place of business
- the number of children
- name(s) of the children
- previous employer and his address
- education/level of training acquired
Setup an Employee Record in the Maintain Employees Section
- enter employee ID and name
- enter general employee information
- enter employee customizable fields
- enter additional employee information
- enter pay information
- Enter the vacation hours for the employee
- enter employee deduction information
- enter employer deduction information
- Provide information related to retirement plans such as 401 (k)
We hope the steps mentioned above would help you setup the Payroll with the Sage 50 Payroll Wizard. If you are finding it difficult to perform the above-mentioned steps, we would recommend you to take help from the authorized Sage experts.
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