The Payroll Setup wizard walks you through setting up most payroll defaults and standard payroll fields. As you answer the prompts in the wizard, Sage 50 will create for you most of the common payroll fields used in calculating deductions and taxes. For example, you are asked what the unemployment percentage for your company is. Based on the percentage you enter, Sage 50 creates the state unemployment insurance (SUI) employer tax field and calculation formula that applies to it.
Note: You must subscribe to a Sage Business Care plan for payroll taxes and other deductions to be calculated within Sage 50. If you don't subscribe, you will have to manually calculate and enter the amounts for payroll taxes and other deductions.
The Sage 50 Payroll Setup wizard establishes the following:
- State and locality defaults
- State unemployment percentage and limit
- Common federal and state payroll fields for employee-paid and company-paid taxes
- General ledger account defaults for payroll fields
- Optional payroll fields for employee tips and meals
- Optional payroll fields for employee and employer contributions to retirement plans (401K, 403(b), etc.), insurance plans, and flexible spending accounts
- Optional payroll fields for employee vacation and sick time
Not Ready Yet?
When you are first setting up a company, however, you might not have all the information available to set up payroll. If you are not prepared to enter benefit information or are not sure of certain payroll setup options, you don't have to work all the way through the Payroll Setup wizard. Instead, you can click the Save for Later button on any window in the wizard and then return to it to at a later time to complete payroll setup.
How
to Start the Wizard
Use this procedure to begin using the Payroll Setup wizard.
- From the Maintain
menu, select Payroll and choose Payroll
Setup Wizard.
Sage 50 displays the Payroll Setup Wizard.
Note: Once you complete the wizard, its name changes to Payroll Settings.
The initial screens tell you about your options for processing payroll with Sage 50: full-service and in-house payroll. Read this information carefully; it's an important decision.