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How company dates affect the payroll

Created on  | Last modified on  Highlight Matches

Summary

Sage VIP Classic, Sage VIP Premier and Sage Payroll Professional: This article provides information and guidance regarding the dates set up in a company

Description

Dates are extremely important in the system and influence various calculations.

Incorrect setup of company dates can result in incorrect calculations and reporting.

Resolution

The details of company dates reflect the following screens:

  • The Initial Entry screen (when you log into your company) and
  • Period Info (BB) screen on the Basic Company Information screen.

The company dates also appear when you do a Start New Period. It is always important to review your company dates when you start a new processing period or month.

  • Tax year start date on the Initial Entry screen
    • Must be the same as the Tax Year Start Date on the BB Screen
    • Used to determine the correct tax factor for ax calculations (with the Tax Year End Date)
    • Employee’s IRP5 Start Date defaults to this date if Date Engaged < Company Start Date
  • Tax Year End date on the Initial Entry Screen
    • Must be the same as the Tax Year-end Date on the Period Info (BB) screen
    • Used to determine the correct tax factor for tax calculations (with the Tax Year Start Date)
    • Must be the same as the last period end date in the Tax Year