Table of Contents
- 1 Process Steps to Install tax table and Covid Specific Update Feature Included in Sage 50 2021.1.1 Update
- 2 Steps for Installing the Updates
- 2.1 Covid Specific Update for T4 Reporting Purpose (for Canadian Version)
- 2.2 FAQs
- 2.3 What are the basic steps to install Sage 50 server updates on the system?
- 2.4 How can I install automatic updates for Sage 50 cloud payroll?
- 2.5 Can I transfer Sage payroll from one computer to another, if yes what are the steps?
- 2.6 How can I restore a Sage backup file on my computer?
- 2.7 What are the steps to take the backup for my Sage 50 data?
Sage 50 2021.1.1 update was released in January 2021, and customers were notified from Jan’19 2021, that the update 2021.1.1 was ready to be installed on the product i.e., Sage 50 accounting software. The product update 2021.1.1 was released and specifically meant for Sage 50 payroll functionality users. Let us see what new features are being included in Sage 50 updated 2021.1.1. So, the new features that would be included in Sage 50 2021.1.1 are:
- Updated tax table for January 2021.
- And covid specific updates reported on T4 in Canada. (T4 is a document on which income is reported for the year including income received and any deductions etc.).
You should have Sage 50 2021 or 2021.1 installed on your system beforehand if you want to install the Sage 50 2021.1.1 update on your system. In case you do now have the existing version as mentioned above already installed on your system, it is better to go for installing the Sage 50 2021 – full product which would already include the updated features mentioned above.
In the next section, we will discuss the process steps to install the updates tax table and the need for installation of a second update specifically for the Canadian version.
Process Steps to Install tax table and Covid Specific Update Feature Included in Sage 50 2021.1.1 Update
Tax table updates
For installation of updated tax tables, you should first verify that they are not already installed on your application, you can do this by following the below steps:
Step 1. First, click on Help and then click on About Sage 50 accounting.
Step 2. Now you need to confirm the version number of the tax table already installed. If it is reflecting as 20210104 for release 2021.1.1, then this means that most current tax tables are already installed on your Sage 50 software.
Steps for Installing the Updates
If in case your tax table version number is different, kindly follow the below process to install the latest one.
Step 1. First, ensure that Sage 50 2021.1 is already installed on your system.
Step 2. After that, click on services > check for updates > check now. This will help you in knowing any updates waiting for your Sage 50 accounting software.
Step 3. Now click on download to install the Sage 50 2021.1.1 updates i.e., the current tax table on your accounting software.
Covid Specific Update for T4 Reporting Purpose (for Canadian Version)
If you were earlier retaining the vacation pay for your employees, you do not need to install the update 2021.1.1 for T4 reporting purpose instantly, you can normally prepare your employees’ T4s with the help of an earlier version i.e., 2021.1, and update the product as per your convenience.
But in case you were paying out the vacation pay on each paycheque to your employees during last year i.e., 2020, then you must install Sage 50 2021.1.1 update immediately for the sake of correcting reporting on T4s. Because vacation pay already paid out with each pay cheques were not being correctly reported during the covid-19 period.
So, in case you were paying out the vacation pay to your employees during the covid-19 period, then you can use the steps mentioned under the Tax updates heading for installing the Sage 50 2021.1.1 updates on your system.
There are some frequently asked questions that we have collated for your convenience purpose, let us move ahead and look into them, they answered by the Sage 50 technical experts and it will really help you out a lot on related topics.
What are the basic steps to install Sage 50 server updates on the system?
How can I install automatic updates for Sage 50 cloud payroll?
Can I transfer Sage payroll from one computer to another, if yes what are the steps?
How can I restore a Sage backup file on my computer?
What are the steps to take the backup for my Sage 50 data?
Hope our efforts in creating this article proves useful and insightful for you, but in case you need further help, do now hesitate a bit and give a quick call on toll-free number , Sage 50 accounting software support, the support executives will help you out.