Here are the proper steps to follow for Payroll Yearend. Failure to
follow these steps in the correct order may result in payroll data
being mixed for the two calendar years.|
- Process you last payroll for December. Remember that payroll
goes by the payroll cheque date, not by the period covered by
the payroll run.
- BEFORE you process your first payroll in January...
- Backup your BusinessVision data files.
- Download the Payroll Update for January.
- Install the Payroll Update on ALL computers running
BusinessVision. It does not need to be installed on your server,
unless BusinessVision is installed on the server (normally it is
- Log into BusinessVision and perform the Payroll Yearend
This is a pretty straightforward process. The only choice you
are given is whether to remove old timecards: don't select this
option. This is a holdover from much older versions of
BusinessVision when hard drove space was at a premium. There is
no longer any real reason to remove them.
NOTE: The Payroll Yearend is separate and
distinct from a Fiscal Yearend.
- Run the TD1 Revisions function. This adjusts employees'
Federal and Provincial Basic Personal Exemption amounts (the Tax
Credit and Provincial Claim fields in BusinessVision).
- Check the Tax Credit and Provincial Claim amounts for each
Ideally, have each employee fill out a fresh TD1 form in order
to ensure you have up-to-date information for every employee.
- Optionally, you may wish to verify that the Payroll Yearend
executed properly. In each employee, go to the Earnings tab, and
verify that there are no numbers present under This Year
- You may now process payroll for January. You must log into
BusinessVision with a date of January 1 or later in order to do
- T4 slips and the T4 Summary may be printed at any time, but
these forms must be provided to employees and filed with CRA
prior to the end of February. Starting with BusinessVision
version 2011 (7.5) the T4 slips and the T4 Summary may be edited
prior to issuing.
Exceptions and problems
- Can't install the payroll update in time
Perform all other steps EXCEPT the TD1 revisions function, the
Tax Credit checking, and printing of T4s and T4 Summary. You may
process one or two payrolls in January without much harm, as the
tax changes are minimal these days, although this is not ideal.
Install the January payroll update as soon as possible. Then
perform the missed steps listed in this section.
- Payroll Yearend performed at the wrong time
Too soon (before the last pay in December), too late (after
the first pay in January), or not at all:
Your payroll data files will now be mixed up. Restore from a
backup made prior to doing the Payroll Yearend and do the
processes in the correct order. If you don't have a backup then
you will need to enlist the help of a BusinessVision expert to
fix up your Payroll data files.
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