The 2014 Canadian Payroll Year-End/Tax Update is due to release soon. (The target release date is December 19, 2014.) Below are some tips to help you with the year end process in Canadian Payroll.
What are the changes in the 2014 Year End/Tax Update for Canadian Payroll?
It should be a very light year for changes this year, so that is good news. The 2014 Canadian Payroll Year-End Update and 2015 Tax Update includes the following changes:
T4 and RL-1 XML changes (no changes to T4A XML)
T4A and RL-1 form changes (no changes to the T4)
Quality fixes around Canadian Payroll ROE
Tax Changes for 2015:
– Canada Employment Insurance (EI)- Canada Pension Plan (CPP) – Canada Income Tax- British Columbia- New Brunswick- Newfoundland and Labrador- Northwest Territories- Nunavut- Ontario- QPIP Tax- QPP Tax- Quebec Provincial tax- Saskatchewan- Yukon
What steps should I take to close the year?
1. Complete all the pay runs for the current year.2. Complete any necessary 2014 Payroll reports.3. Make a backup of the data.4. ***Install the 2014 Canadian Payroll Year-End Update/2015 Tax Update.***5. Complete the “Year End File Reset” process.6. Make a backup of the data.7. Create the T4, T4A, and RL-1 statements, and print the T4, T4A, and RL-1 reports.8. Edit the T4, T4A, and RL-1 records as necessary.9. Create T4, T4A, and RL-1 Summary records.10. Print the T4, T4A, RL-1 reports and create T4, T4A and RL-1 XML file, if appropriate.11. Verify that the Pay periods for 2015 are setup correctly.
~For more detailed steps, please refer to the Year-end closing procedure for the Canadian Payroll module in Microsoft Dynamics GP, by clicking on KB 861806.
Are there any new features/changes in Microsoft Dynamics GP 2013 and Microsoft Dynamics GP 2015 that I should be aware of for Year-End?
In order to make year-end more seamless, the RL-1 Auth Number field was added as an editable field to the Payroll T4/R1 Print- Canada window in Microsoft Dynamics GP 2013 build 12.00.1488 and included in R2. The user will now be required to key in the RL-1 Slip number in this field. This authorization number is used by Revenue Quebec to identify that the forms came from Microsoft Dynamics GP. (This authorization number will be stored in a SQL table [CPY20100], per year, so it is available for reprints.) If the user updates the RL-1 Auth number field, the Last Updated Date will be changed to be the current System Date. The RL-1 Report (P_CPY_SETP_R1_Laser) was also changed to read this new authorization number field. You can find the RL-1 Slip number in the CAN14YETAX.pdf document that can be downloaded from the Year-End update page (see links in the Resources section below) when it is released.
Microsoft Dynamics GP 2015 just released. Does it include the ‘2014 Year-End Update’ for Canadian Payroll?
No, the 2014 Year-End Update for Canadian Payroll (and U.S. Payroll) for Microsoft Dynamics GP 2015 will be available in mid-January and will need to be installed.
Key Points to remember:
• The Year End Close process moves all your current year data into the Last Year (LY) tables and it doesn’t take the date into consideration. For this reason it is very important that you complete ALL 2014 Payrolls (step 1) and then complete at least through the year end file reset (step 5) before doing any 2015 payrolls.• It is vital that you install the Year-End Update before the Year End Reset (Steps 4 and 5) because you are prompted during the Year End Reset to update Basic Personal Amounts. If you miss this you will need to restore from a backup.• When you do the Year End Reset it changes the Basic Personal Amounts for employees. Depending on the Province it will either add a fixed amount or increase the amount by an indexation factor as determined by the Provincial Authority.
• This is an all-inclusive update. (Microsoft Dynamics GP 2013 will include Microsoft Dynamics GP 2013 R2.)• The 2015 Quebec Software number is not yet available but when it is issued you can find it on the Year End Update pages found in the Resources below.• Be sure to make backups as indicated in the complete steps.
Assistance for Canadian Payroll Year End Close:
Microsoft Dynamics GP Blog – https://community.dynamics.com/gp/b/dynamicsgp/default.aspxMicrosoft Dynamics Community -https://community.dynamics.com/default.aspx
Microsoft Dynamics Support – https://mbs2.microsoft.com/Support/newstart.aspx
• For the Year-end closing procedure for the Canadian Payroll module in Microsoft Dynamics GP, click on KB 861806.
• The CAN14YETAX.pdf contains detailed information about the Year-End Update for Canadian Payroll. Watch for this link on the Year-End Update page links below. This document should be available soon after the Year-End Update is released.
•Microsoft Dynamics GP 2013https://mbs.microsoft.com/partnersource/northamerica/deployment/downloads/tax-regulatory-updates/cagptuye2013
•Microsoft Dynamics GP 2010
•Microsoft Dynamics GP 2013
•Microsoft Dynamics GP 2010
• Be sure to check back to the Year-End Schedule post for current posted blogs and upcoming blog posts related to Year-End Closing for Dynamics GP, as well as any critical information regarding the Year-End Update that may arise.
This wraps up the Blog series for the 2014 Year End Update for Microsoft Dynamics GP. Please check back for any changes. Good luck and have a great Year-End 2014!
Cheryl Waswick | Microsoft Dynamics GP Support | Senior Support Engineer