In this article, we are going to guide you step by step about how to create and make Deductions for Year at Sage 50. You can set up the deductions within your payroll that you are going to use for a set of employees. That way, all of your deductions will appear within a single report.
What is Sage 50 Yearly Deduction Report
Deductions are the amounts that you cut down every month from an employee’s salary, whether gross or net. These deductions vary from pension collections to any kind of loan that an employee has taken. Covering a wide range of deductions and creating a report on Sage 50 is a task about which not much information is available on the internet.
Process to Setup and Creating Deductions for Year at Sage 50
Follow these steps to set up the Deductions:
- Open the Setting Tab > click on Payment & Deduction Settings
- Click on the Deduction Tab > now Create a New Deduction
- Just when you create a new deduction, you will have to fill in the following information:
- A) Set up a deduction category by choosing the kind of deduction you want to set up first. These options include:
- Pensions: You charge these deductions from the salary account of your employee to set up a pension plan that is going to follow their retirement. These deductions come under a specific scheme, i.e. Standard Pension, Personal Retirement Savings Account, etc.
- Net Deductions: Following the Tax, PRSI Calculates and USC come to the deductions known as Net Deductions, for example, a loan repayment deduction.
- Gross Deductions: Unlike Net Deductions, Gross Deductions are charged before Tax, USC and PRSI calculate. This kind of payment is charged for the services provided to the employee, i.e. Transport Facility.
- B) Now you are supposed to either name the new deduction while choosing it or keep the default name. Note that the name is going to help you & the employee to recognize the deduction charged.
- C) Provide the deduction category with a description to help you identify it in the future.
- D) Now enter your employee’s standard contribution (however, this option will only appear when if you have chosen Pension Deduction Category)
- A) Set up a deduction category by choosing the kind of deduction you want to set up first. These options include:
- Now you will proceed with the Save.
Now that you have created the Deductions in your Sage 50.
What follows next is How to Create a Report that shows all the Deductions for Year at Sage 50
- Now from the maintained Employees Window > select the specific Deduction from the list and assign it to the specific employee.
- Repeat the same action to apply the deductions to the employees who are applicable.
- Now, go to the option PR > Processing > Time Card Entry
- Now, after selecting an Employee ID > select Earnings, where you will find the specific Deduction option in the drop-down menu > select Deduction.
- Now, in Times Card Entry > select Deductions of the pays button> apply the deductions the employee is applicable for > Close.
- Now, we will go again to the PR> Receipts > Payroll Register > select Preview.
- Now, a payroll register report will appear which will show the Deductions that were assigned on the paycheck.
- Finally, We will click on PR for the one last time > Reports > Deduction Reports > Period Activity Reports.
Here you can see the final deduction period activity report for the year. The process of setting up report creating and deductions for Year at Sage 50. In case you are not satisfied with the solution provided above and need further assistance to set up your Deduction report for the year on Sage 50.
You can contact Sage 50 support by contacting Sage Chat. They are a third-party consultant providing Sage support internationally. You can contact the technical support on this number at +1800-986-6931 for a 24*7 technical support for Sage 50.
