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Wildwood Canada BusinessVision Help

Payroll Yearend

 
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.
  1. Process you last payroll for December. Remember that payroll goes by the payroll cheque date, not by the period covered by the payroll run.
  2. BEFORE you process your first payroll in January...
  3. Backup your BusinessVision data files.
  4. Download the Payroll Update for January.
  5. 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 not).
  6. Log into BusinessVision and perform the Payroll Yearend function.
    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.
  7. Run the TD1 Revisions function. This adjusts employees' Federal and Provincial Basic Personal Exemption amounts (the Tax Credit and Provincial Claim fields in BusinessVision).
  8. Check the Tax Credit and Provincial Claim amounts for each employee.
    Ideally, have each employee fill out a fresh TD1 form in order to ensure you have up-to-date information for every employee.
  9. 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 columns.
  10. You may now process payroll for January. You must log into BusinessVision with a date of January 1 or later in order to do this.
  11. 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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