In this article Sage users read what is “Sage Payroll Exception Report” how does work. Sage 50 Accounting Software is one of the world’s most advanced solutions which are recognized worldwide. The manufacturer of the software, Sage is a leading provider of business accounting software around the globe. Sage is presently manufacturing multiple accounting solutions for small businesses.
- 1 What is Sage Payroll Exception Report
- 2 Listed Below are the Steps to Use the Sage Payroll Exception Report Work, and Rectify the Errors:
What is Sage Payroll Exception Report
The Payroll Exception Report is one of the most significant reports in Sage. It is basically aimed to enable the users recognize all those employees who have incorrect with-holdings. The Exception Report is generated quite quickly. The Payroll Exception Report is conceptualized to enable users to find out as well as modify the incorrect with-holdings linked to the employees.
⚃ What are incorrect with-holdings?
Incorrect withholdings are the resultants of several activities like manual calculation of the paychecks, the incorrect figures in calculating the payroll checks. Plus, any falsified calculations are also identified as incorrect withholdings.
⚃ What does it contain?
As the name suggest, The Exception Report is utilized to verify the numeric estimations of various details about the employees including their Medicare, Social Security, FUTA, as well as any State Disability Insurance estimations. It depicts the taxable gross sum, the sum withheld, calculated amount as well as the difference, along with the actual sum which is withheld as opposed to the computed amount withheld.
⚃ Why is The Exception Report important?
The Exception Report is a significant report as it contains all the necessary data which helps to find out whether the correct sum was withheld on earlier paychecks or not. This can happen because it enables to recalculate the taxes as it contains all the necessary details.
⚃ The functionality of The Exception Report
This Report helps the user create specific journal entries. These journal entries are created to easily rectify any minute differences in the taxes. Though, this feature is not used extensively, because very small differences are mostly ignored by the companies.
⚃ Select the specific time period
The Exception Reports can be generated for any specific time. It offers the advantage of selecting either the present quarter or the quarter closing date through the date range manage option of The Exception Report.
However, you would not be able to select the complete year in the date control. Though, there is a way of generating the whole year’s data also. By keying in the quarter ending December, the user can get the estimates of the whole year.
Listed Below are the Steps to Use the Sage Payroll Exception Report Work, and Rectify the Errors:
- Click on the Reports & Forms option under the Payroll section.
- Now, open the Exception Report.
- Soon, you will get a window, here you need to click the drop down arrow, and choose the specified tax, under the Tax to check field.
- Select the box to Prepare correcting entries. However, if you want to review the report without rectifying the entries then do not check the box.
- All the tax tables used in the current financial year will be shown under the Tax to Check and “Tax to Adjust to” options in the Filter window.
- The Tax to adjust to category will have a bunch of all available payroll fields.
- The tax selected cannot be the same one selected in the Tax to Check list box.
- The selected tax will be used to create a payroll entry that corrects the Tax to Check and places the adjustment into the Tax to adjust to.
Data on the report
- Listed below are the information shown on The Exception Report:
- It contains Employee name, ID, ST, and SS No., Quarter etc.
- It will also contain the ‘Taxable Gross’.
- Taxable Gross contains the gross wages for the period up to the yearly taxable wage limit, after modification for any of the pretax deductions or any additions. Plus, the tax table formula contains the yearly annual taxable wage limit for the selected tax.
- The section which reads as ‘Amount Withheld’ contains gross tax amount which is actually withheld on the payroll entry – whereas, the Calculated Amount option contains the gross tax for the filtered payroll field for a particular quarter.
- The total tax amount is recalculated as per the present day taxable gross as well as payroll tax table settings.
- Now, this is the main field of the report. The Difference section contains the exact change from Amount Withheld and new Calculated Amount.
- The sum present here will actually be the payroll adjustment entries.
- But, the amount will only show up here if the correcting entries were checked in the earlier steps.
Sage Payroll Support:
We at Sage 50 Chat Support team available round the clock for all kinds of Sage and Sage Payroll related issues “how does Sage Payroll Exception Report Work”. They can guide you step by step and give minute details regarding the update. It is a highly a vastly experienced Sage customer support team that is there to help the Sage users round the clock. The toll free number to directly get in touch with the team is +1800-986-6931. This Sage customer support team is tremendously knowledgeable and experienced in dealing with Sage Payroll related issues.