Tax time is quickly approaching, and we at SWK Technologies want you to be able to make your tax data processing simple so that you can focus on your main concern: growing your business. Here are some tips for your Sage 100 ERP system to make your tax processing easier.
Verify that your employee numbers add up in Sage 100 ERP
Before printing W-2s from Sage 100 ERP, it’s a good idea to review the Employee Totals Verification report. This verifies that the employee’s check totals match the totals in the Employee Tax Summary. Any difference is noted directly–the report lists the employee and the totals that are different.
To print the report, go to the Payroll Module→Period End→Employee Totals Verification. The report can be generated for “Year to Date” or “Period to Date.” You can select all employees or specify a range to print or preview.
This report is only available for the current quarter and year defined in Payroll Options.
Ensure that your employee data fits your needs
During Payroll Year-End Processing, all employees that are set to a terminated status in Employee Maintenance will be purged. Employees with an inactive status will remain.
The history for the terminated employee is not purged in the Payroll Perpetual History files if you have selected to retain Payroll Perpetual History. To verify if you do save history, go to the Payroll Module→Setup→Payroll Options. On the Main Tab, check to see if the Retain Perpetual Payroll History box is checked. When running Perpetual History reports, the employee number will not be available for look-up, as it no longer exists in Employee Maintenance. However, if you manually enter the employee number or select a range of employees and the employee number is within that range, history for the terminated employee will print. A name will no longer be associated with the terminated employee.
If you are saving history, you should not reuse the terminated employee’s number. This will link the terminated employee’s history with the new employee.
To preserve the historical data at year-end, make a copy company prior to Year-End Processing.
Keep your information up-to-date
Don’t forget the new tax table updates for 2014 including:
- New Federal Withholding tax tables
- Exemption increases
- Social Security increase
- All the changes from the states
If you haven’t installed the 2014 TTU (Tax Table Update) or the 2013 IRD (Interim Release Download) and need assistance, please contact us at helpdesk@swktech.com or give us a call at (973) 758-6100.
Contact our Sage 100 ERP Team
If you would like to learn more about Sage 100 ERP and how it can help your business financials, please contact us online.
Image courtesy of Pixomar/ FreeDigitalPhotos.net