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Managing Direct Deposit in Sage 50 Premium

For many businesses, running payroll is the most critical accounting function they perform. It can be one of the most complicated and stringent processes, where errors can be expensive and problematic. Fortunately, Sage 50's comprehensive payroll module streamlines this task, guiding you through the necessary steps to ensure your employees are paid correctly and promptly while maintaining full compliance. This in-depth guide will walk you through the entire process of running paychecks in Sage 50, from initial setup to issuing payments and filing taxes.

The Bedrock: Proper Payroll Setup

Before you process your first paycheck, it is utterly critical that your payroll system is configured correctly. Skipping this step will lead to ongoing mistakes and compliance issues. Key setup tasks include:

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• Setting Up Employees: Each employee needs a complete record in the Employees > Employee List section. This includes their contact details, W-4 information, pay rates, and bank account info (if applicable).
  
• Configuring Payroll Items: Ensure all earnings types (e.g., sage.support Overtime, Bonus) and withholdings (e.g., Health Insurance, Garnishments) are correctly defined in the payroll item list.
  
• Entering Tax Information: Sage 50 must have your federal and state identification numbers and current tax rates accurately entered. This is often managed during the setup wizard.
  
• Installing Payroll Updates: Rates are updated regularly. You must install the latest payroll tax updates via Help > Update Service to guarantee correct withholdings.
  

The Step-by-Step Payroll Processing Workflow

Once your setup is complete, you can process payroll each pay period. Use this ordered process:

Step 1: Access the Payroll Center

From the home screen, go to Tasks > Payroll > Process Payroll. This will open the main payroll hub.

Step 2: Choose the Payroll Date and Period

The system will ask you to select the pay period end date and the period type (e.g., Weekly, Semi-monthly). Ensure these dates are correct, as they affect withholding amounts and quarterly filings.

Step 3: Input Time Data and Earnings

You will now see a list of all active employees. For each employee:

• 
  
• Enter the number of hours worked in the correct field (e.g., Overtime).
  
• If an employee has a fixed salary, the amount may auto-fill.
  
• Add any additional earnings like bonuses, tips, or sick pay.
  
• The system will automatically calculate total earnings, all withholdings, and take-home pay in real-time.
  

Step 4: Check and Modify Paycheck Details

Carefully review the final numbers for each employee. You can click on any paycheck line to view and edit the itemized calculation of withholdings and deductions. This is the final opportunity to find any mistakes before completing the payroll.

Step 5: Finalize the Payroll Run

Once you are satisfied everything is correct, click the Create Paychecks or Submit button (the wording may vary based on your edition). Sage 50 will then:

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• Record the payroll to the accounting books.
  
• Modify employee YTD totals.
  
• Create payment records or prepare direct deposit.
  

After Processing Tasks

The work doesn't end after paychecks are created. Several important tasks remain:

1. Printing Paychecks and Advice

If you are using paper checks, go to Tasks > Payroll > Print Paychecks. Load your pre-printed check stock into the printer and complete the steps. Remember to also print earnings statements for your employees.

2. Handling Electronic Transfers

If you use electronic payment, you will need to create a bank transfer file from within Sage 50. This file is then sent to your financial institution to process the payments. The specific menu path is typically Tasks > Payroll > Create Direct Deposit File.

3. Remitting Withholdings

The taxes you withhold from employee paychecks (e.g., FICA, SDI) are not your money; they are debts that need to be sent to the appropriate government agencies. Sage 50 monitors these totals for you. When it's time to pay, use Tasks > Payroll > Pay Payroll Liabilities to record the payments or EFTPS payments.

4. Filing Payroll Tax Returns

Every three months and yearly, you must submit documents like Form 941 and 1099-NECs. Sage 50 can create and frequently electronically submit these documents for you. Navigate to Tasks > Payroll > Process Payroll Forms to begin this process.

Common Payroll Challenges and Solutions

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• Incorrect Tax Calculations: Usually due to out-of-date tax tables. Solution: Install the latest tax service update.
  
• Unable to Void a Paycheck: You cannot void a paycheck once it's part of a closed period. Solution: You must typically reverse it with adjusting entry.
  
• Missing Payroll Item: When you have a new deduction. Solution: Add it to the Payroll Item List before processing payroll.
  

Final Thoughts: Gaining Confidence

Although it can appear complex at first, processing payroll in Sage 50 is a very logical process that gets easier with regular use. By meticulously setting up your employees and items, staying current with rate changes, and adhering to the procedure outlined above, you can handle payroll with confidence and accuracy. Keep in mind, this is one area where accuracy is non-negotiable; using the features within Sage 50 is your best strategy for ensuring compliance, keeping staff happy, and safeguarding your company from expensive fines.