The Year End Review (PIER) Report

For the best results, run the report after your last payroll for the calendar year, but before you print the paystubs or direct deposit employee pay. You can then investigate and correct discrepancies for affected employees before you issue them their final pay for the year.

If you run the report at any other time during the year, CPP or QPP discrepancies may be noted in error.

To calculate CPP/QPP payroll contributions, the annual basic exemption is divided equally over the employee's pay periods for the year. However, to report the employee's Expected CPP/QPP contribution on the Year End Review (PIER) report, Sage 50 Accounting uses the full amount of the annual basic exemption. Therefore, if the report is run during the payroll year, and an employee has not contributed the maximum CPP/QPP amount for the year, the Expected amount will be under-reported.

The report contains the following information (all amounts are year-to-date):

• Employee: The employee's name
• Gross pay: The employee's gross pay (as would be reported in Box 14 on the T4 slip)
• Pens. Earnings: The employee's pensionable earnings (as would be reported in T4 Box 26)
• CPP/QPP: The total CPP or QPP deducted from the employee's pay (as would be reported in T4 Box 16 and 17A, respectively)
• Expected CPP/QPP: The expected CPP or QPP contribution amount calculated on the reported pensionable earnings

  If the employee's pensionable earnings exceed gross pay, Expected CPP/QPP is calculated, and reported, on gross pay.

• Over (Under) CPP/QPP: The difference between the expected CPP/QPP amount and the actual CPP/QPP deducted from the employee's pay
• EI Ins. Earnings: The employee's insurable earnings (as would be reported in T4 Box 24)
• EI: The total EI deducted from the employee's pay (as would be reported in T4 Box 18)
• Expected EI: The expected EI contribution amount calculated on the reported insurable earnings
• Over (Under) EI: The difference between the expected EI amount and the actual EI deducted from the employee's pay
• Paycheques: The number of paycheques issued to the employee during the year
• Pay Periods: The number of pay periods per year, as set on the Income tab of the employee's record
• Notes: Possible issues for your review

Any of the following alerts may be noted for an employee:

• Note 1: Insufficient CPP/QPP has been deducted from the employee's pay.
• Note 2: Insufficient EI has been deducted from the employee's pay.
• Note 3: Too much CPP/QPP has been deducted from the employee's pay.
• Note 4: Too much EI has been deducted from the employee's pay.
• Note 5: Discrepancies may be due to total paycheques not matching pay periods per year.

  This note only appears if there is a discrepancy and the number of paycheques issued to date does not match the Pay Periods Per Year setting on the Income tab of the employee's record.

• Note 6: Review pensionable earnings. Actual CPP/QPP contributions more closely match Gross Pay.

  If pensionable earnings and gross pay differ, Sage 50 Accounting performs two CPP/QPP calculations: one on pensionable earnings, and the other on gross pay. If the actual CPP/QPP deducted (as reported on the T4 slip) more closely matches the gross pay calculation, this Note is displayed.

• Note 7: Review insurable earnings. Actual EI contributions more closely match Gross Pay.

  If insurable earnings and gross pay differ, Sage 50 Accounting performs two EI calculations: one on insurable earnings, and the other on gross pay. If the actual EI deducted (as reported on the T4 slip) more closely matches the gross pay calculation, this Note is displayed.