Sage 100 Contractor Yearend Updates

Sage 100 Contractor Yearend Updates

In prior years, Sage has sent yearend emails direct to you with guidelines for the closing process, various tax updates, etc. In some cases, the wording may lead you to believe you will not be able to function – run your first check in 2015, close your year – if you don’t take their ‘required’ steps. Given some of the confusion, I’d like to make some clarifications and set a few things straight:

  • Sage is releasing various tax updates; some in recent weeks and more in the coming weeks.
    Not every update needs to be installed
    in order for you to function

    • Not all states report new tax tables at the same time
    • The Federal tax table updates are usually available in early January
    • There is no harm in running a few payrolls with last year’s state and/or federal tax tables; you are required to use the most recent tax tables within a
      reasonable
      period of time; traditionally the goal has been by the end of January
  • One of the emails that makes it sounds like you have to install a recent update AFTER your last check of 2014 and BEFORE your first check in 2015 only includes the

    warning

    about the change in FICA maximums. You don’t actually have to install in this narrow window in order to get the FICA correct

    • First of all, the rate is the same as last year (6.2%), and it will take more than a few checks to get to a salary of $118,500, the new wage cap
    • Next, you have to update your two FICA pay calcs
      no matter what you do
      , whether or not you have this default pop-up that comes with this version update. The calc doesn’t get updated from Sage; you physically go update both calcs and use the Options feature to push out to ALL employees
    • You can wait until you have run a few checks dated 2015
  • You can’t close your year in Sage 100 Contractor version 18 – not true…

    • Version 18 works and you can close your year with it
    • HOWEVER, we recommend you upgrade to version 19
      prior
      to the yearend close
    • There are some great features that will make the switch from 2014 to 2015 easier, and it will be a bigger headache to upgrade to version 19 in 2015 if you don’t get your 2014 Journal Entries until late in the year

We’ve held yearend closing webinars and continue to provide email updates. Our Business Consultants are familiar with all of this. Trust but Verify – it will save a lot of unnecessary headaches

Catherine Wendt

posted by
cmw

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