Sage 50 Payroll Solutions Update for Release 2024

In the current version 2024, the Sage 50 payroll users will also have the option to turn on the integration with Sage’s cloud based human resources platform, Sage HR. The Employee Self Service portion of Sage HR is included within the Sage 50 subscription and the other features can also be added.

So, What is Employee Self Service? This is the current integration that allows the employee’s personal information: like name, address and more; and pay slip details to be synchronized between Sage 50 and Sage HR. This implies that the employees will also be able to update their details on their own through the secure online employee portal, or through the mobile app. This helps reduce administrative tasks and information requests for the office staff.

This also takes into account the issue for anyone who pays the employee’s by direct deposit. Till recently Sage 50 did not offer a good method to distribute the pay slips except on paper. But Now the employees can securely access all that information on their own by using the employee portal or the mobile app.

In this feature it is included for all the payroll users in version 2024, however turning it on is optional. None of the employee data will be made available online until you go through the steps to set up Employee Self Service.

Read More : Sage 50 Upgrade to Latest Release 2024

Download and Install Sage 50 Payroll

The user will receive this update automatically through the product. The version for this tax update is 20240101 for the releases 2023 and 2024 or Sage 50 Payroll Solutions Update for Release 2024. Below are the steps to make sure that your tax update has been applied:

• Launch the Sage 50 company.
• Next Select Help > About Sage 50 Accounting.
• Now Confirm that the installed Tax Update version number matches with the version number 20240101.
• In case the Installed Tax Update version number does not match:
  • Start by Selecting  Services> Check for Updates > Check Now.
  • In case the multiple updates appear, select the update that you wish to install, then select Download.
  • Once the download is completed , you can exit Sage 50 and the update will start once again.

Starting the New Tax Year in Sage Payroll (2023/2024)

The Sage 50 Payroll v29.03.485 is now available, and it includes the National Insurance changes from the Autumn Statement 2023.

In order to stay compliant, it is recommended that you install this update as soon as possible. v29.03 also comprises the correct legislation for payrolls before 6 January 2024, hence you can update immediately.

Resolution

Let us take a look at the solutions for this problem:

Check your Version Number

• Start by Clicking  Help 
• Next click About.
• Now Check your version number within the Program Details heading.
• If your version number:
  • Is V29.03.485 then your software is already up to date and you do not require to take any further action
  • Begins v29.01 or v29.02, follow the below steps below to install v29.03

Compatibility

• Though Microsoft has stopped offering updates and support for Windows Server 2012 and Server 2012 R2, v29.03 is compatible with these operating systems. 
• In case you are an Accountant/Bureau who uses Bureau Manager, you are required to download and install Sage 50 Payroll Bureau Manager v4.1 if you install v29.03 of Payroll.
• v29.03 of Sage 50 Payroll is compatible with Excel Integrated Reporting (EIR)

Before you Install v29.03

In order to make the installation process easier, it is recommended that you carry out the required steps below:

• Start by Checking your antivirus software inorder to avoid conflicts with Sage 50 Payroll 
• Now Optimize your data 
• Make a note of the Program Directory
  • Start by Clicking Help 
  • Next click About.
  • Make a note of the Program Directory
• Now Backup your data 
• Next Check if your system meets all the requirements for Sage 50 Payroll.

Admin Rights Check

During the process of installation , the software checks if you have admin rights. This helps to make sure that the installer can create and update all files and folders that your software is required to run. Windows administrator check during installation.

Download and Install the Update

In case you prefer, you can download the update below and watch a video of the installation process:

• Start by shutting down Sage 50 Payroll, and any other Sage software that you might have open on your system.
• Click the link below to download your update:
  • Download Sage 50 Payroll
    • This normally downloads automatically to your Downloads folder. If you’re prompted to select where to save the file, select your Downloads folder, then click Save
• To start the installation process, locate and right-click Sage50Payroll_2903485.exe
• Click Run as administrator.
  Note: In case you are prompted to enter a username and password enter your Windows administrator credentials and not your payroll credentials.
• In order to confirm you accept the license conditions, click Accept License then click Next.
• Check if the path is the same as the program directory you have noted earlier, then click Yes.
  • In case the path is not the same, click No then Yes and go to the program directory you noted in the before you install v29.03 section, click Payroll.exe
  • Next click Open
• Click OK, once the installation completes, 
• Next click Close.
• In order to help keep your software up to date, it is recommended you enable background updates.

TIP: In case the Sage 50 Payroll has been installed on more than one system, repeat these steps on each one.

Once you log in to a company for the first time after you have installed v29.03, your software upgrades your company data into the new version.

Once the data upgrade process has been done, your software automatically optimizes the database for your company. This ensures to reduce the size of your backups and maintain error free data.

How to Process your Year End in Sage Payroll

Now let us take a look at what is new in Sage Payroll for the year 2023/2024:

• The emergency tax code remains at 1257L.
• There is no uplift to the Personal Allowance.
• The user might receive P9 notices from HMRC.
• In order to view tax code notices you need to log on to HMRC’s PAYE online service or even use their PAYE Desktop viewer. 
• The Tax code changes are effective from 6th April 2023 and should be applied once the 2022/2023 processing has been completed.

Once you run the Payroll for the first tax year you will receive the following message:

The user can fix the Tax hold here if needed.

• Likewise, you can do the same within the Employee record as shown below:

• There are no further changes to the National Insurance bands or rates for the employee in the current year. 
• Starting from 12th April 2023, the statutory sick pay rate is 109.4 Pounds per week. 
• However the Statutory parental pay has increased to 172.48 Pounds per week. 
• Likewise the Student loan thresholds have also increased from April 2023:
  • Plan 1: 22.015 Pounds
  • Plan 2: 27.295 Pounds
  • Plan 3: 27.660 Pounds
  • Post graduate loan: 21000 Pounds.

How to Process your Year End

• Go to the Main Menu 
• Now Select ‘Year End’.
• Next check the Tax year to report on
• Step1: Review Employee Pay value. This is to check the values and to make the required corrections if required before the completion of the pay year end payroll. 
• Select on the Review Employee Pay to get the list of the employees you have paid for this tax year. 
• You can click on View P 11 to acquire more details about each employee and their payment details. 
• To view P 11 for all the employees at a single go, you can click on ‘View P11 for all employees’. 
• These reports can be printed or exported as required. 
• Once checked go back to ‘Return to Year End’. 
• Click the check box to confirm that step 1 is complete. 
• Go to Step 2: Which is the Employer Payment Summary submission or EPS.
• Click on the Checkbox ‘Submit EPS’.
• This is the final EPS of the Tax year, and the submission should be sent to the HMRC by the end of 19th April. 
• The countdown to the date is also displayed here. 
• In order to initiate the final EPS Click on Submit EPS.
• In case you need to close the PAYE scheme Click select on the check box: ‘The company has closed down the PAYE scheme’.
• Enter the Cessation date here. 
• In case you are not closing the PAYE scheme do not select the check box.
• Next, check the CIS deductions suffered, along with recovery and compensation values.
• Now click Next to go to the next step.
• In order to change the Saved HMRC user credentials click on CHANGE. 
• In case there has been no change to the details, since the last full payment submission, click on ‘Submit’. 
• Once done, you will be notified as ‘EPS is Being Transmitted’. 
• Next step is to Go to the Distributed P60 Certificates To Employees’. 
• This needs to be completed by the 31st of MAY and the countdown for the same is also displayed at the table. 
• The P60 certificate will be produced for all the employees who are still employed by you by the 5th of April. 
• You can also print the P60 certificate by clicking on the option. 
• Likewise, you can also view the P60 for individual employees by clicking the link next to their names. 
• Alternatively you can also view all of them at once by clicking on ‘View All’. 
• This can be either Printed or saved on your system. 
• Now click on Return to the Year End.
• Next mark the step as complete select the check box: P60 distributed to Employees.
• Now you need to proceed to the Submitting the Supplementary FPS
• This is not a mandatory step, but is recommended nevertheless. 
• It is required in case the user has made any corrections to the 2022-2023 tax year Processing after you have processed and submitted the final pay run of the tax year. 
• In order to do this, you need to click on Submit supplementary FPS. 
• Now simply follow the on-screen instruction to complete the entire process. 
• Click on Confirm.
• Click on Submit.
• The corrected values will be automatically sent to the HMRC. 
• In case you have not corrected the payroll since the last pay run 2022-2023, this step is not required. 
• And you are done.

Also Read : Sage 50 Accounting 2024 Release Notes & System Requirements

Final Words

So, there you have it people, these are some of the main aspects about the Sage 50 Payroll Solutions Update for release 2023 and 2024. However, if you still have doubts regarding the same do visit us at www.accountingadvice.co and you will discover the latest details about the same.

Frequently Asked Questions(FAQs)