Sage 50 allows you to create a bonus account if you want to record employee bonuses alongside regular pay. The first step is to make a new revenue category specifically for bonuses, which may be done by renaming an existing one. Once that is done, you can link benefits to an existing or new account.
However, bonuses are an excellent method to motivate staff members and honour their dedication. At times, users find difficulty in setting up a bonus system. Fortunately, Sage 50 makes managing your bonuses and rewards simple. The procedures for setting up a bonus account in Sage 50 are discussed in this blog post.
Need Expert Help: Are you getting Setup a Bonus Account in Sage 50 and don’t know how to solve it? In that case, you must get immediate help from our Sage 50 experts by dialing the ReConcileBooks helpline number at any time.
What Exactly is Bonus Account in Sage 50?
A bonus account is an account linked to a certain brand or business that grants benefits to clients who make prerequisite deposits and/or refer others. Bonus accounts can be utilized to acquire bonuses, rewards, and other advantages. Additionally, higher deposits and more frequent play can be made using bonus accounts.
Step by Step Instructions to Setup a Bonus Account in Sage 50
With the below-discussed procedures, one can setup a bonus account in Sage 50; it is not particularly difficult to do so. Remember to follow instructions precisely to prevent unforeseen errors support.
Step 1: In Order to Record Bonuses, you Might Utilize an Income Category.
What you can do is as follows:
- Go to the main menu and select the Setup option
- Next, choose the Settings tab
- Simply select Names from the Payroll menu
- After that, choose the “Income & Deductions” option
- Perform a right-click on an available income and then rename it to “Bonus”.
Step 2: The New Category Must Be Created and Saved, Which is the Next Step.
This is how you can accomplish it:
- Choose Settings from Setup’s menu
- Choose Income from Payroll’s menu
- You can find any bonus material here and then select the “Income” option
- The recorded bonuses should be taxed appropriately.
Step 3: A New or Previously Linked Account Must be Connected to a New Income Category.
If you have any specific query, also get in touch with the experts of Sage 50 Live Chat help.
To do this, adhere to the instructions below:
- Visit Setup tab and then choose the Settings option
- Choose Connected Accounts from Payroll
- Choose the Incomes option
- To record the Bonus Income, either create a new account or choose an existing one
- At last, hit the Ok button.
Visit here: Setup Linked Accounts in Sage 50 Canada
Step 4: Once a Bonus Account Has Been Successfully Setup in Sage 50, You Must Instruct Employees to Record Bonuses Separately From Income.
To do this, adhere to the instructions below:
- Initially, move to the home screen
- Go to the Payroll tab and choose Employees
- After that, choose the “Income” tab
- Check the box next to Bonus
- Finally, enter the bonus amount.
Here is everything you should know about how to setup a Bonus Account in Sage 50. In case you receive any issue during the process or have any other issues, you can contact +1-347-967-4079 our Sage LIVE CHAT Experts for quick and precise solutions. Make a quick call at our Sage 50 Helpdesk Team, and our representatives will be there to assist.
Frequently Asked Auestions
What Advantages Come With Sage 50 Bonus Account Setup?
Employees and organizations can gain a lot from setting up a bonus account in Sage 50. Bonus accounts are frequently used to motivate workers, honor great work, and foster a sense of camaraderie. They can also be utilized by businesses as a means of investment.
It’s crucial to take your organization’s unique requirements into account when setting up a bonus account in Sage 50. You must configure the proper tax and payroll settings, for instance, if you wish to use the funds put in the account to fund company projects or reward certain personnel. Also, make sure that the bonus plan you design appropriately matches the objectives and core principles of your business.
What Bonus is Displayed on the Payroll Register Report?
On the Payroll Register Report, the Bonus will appear as hours. This directly implies that when determining the overall number of hours worked by an employee, you could need to deduct the bonus hours.
Read also: Sage 50 Payroll Employee Licence
How to Enter the Amount of the Bonus in the Employee Record, for Hourly Employees Only in Sage 50?
The below steps help you to enter the amount of the Bonus in the employee record, for hourly employees only in Sage 50:
- Initially, choose Maintain >> Sales Representatives/Employees
- After that, choose the first relevant Employee ID
- The Pay Info tab can now be chosen
- Next, if the bonus was entered for the Bonus Pay Type, give an hourly pay rate for the full sum
- Following that, each employee should go through Steps 3-6 as necessary
- Finally, when establishing paychecks with a bonus amount, use 1 for the Bonus pay type’s number of hours.