Sage 50 Canadian Edition Version 2022.3

Sage 50 is the only option if you’re looking for accounting software to handle the regular accounting and bookkeeping tasks of your company. For Canadian inhabitants, Sage 50 has also released a new version called Sage 50 Canada. It has an updated user interface and features that will save you a tone of time and work. Every piece of software in the Sage family is always kept up to date with frequent updates and new editions. Another significant addition to the Sage family is the Sage 50 Canadian Edition Version 2022.3. It now includes new and enhanced functionality as well as efficient fixes for bugs found in earlier versions. In this article, we’ll talk about the Sage 50 Canadian Edition version 2022.3 and new features included to this new update version.

What’s New in Sage 50 Canadian Edition Version 2022.3?

The Sage 50 Canadian Edition Version 2022.3 has incorporated a few more modifications than the last update. These are stated briefly below:

New Payroll Tax Updates Effective from 1st July 2022

Installing the update for the new Sage 50 Canadian Edition Version 2022.3, which incorporates the new payroll tax adjustments that take effect on July 1, 2022, is recommended if your Sage 50 support plan includes the payroll tax upgrades. You can visit the CRA website or get in touch with your local tax services office for more information.

What’s New in this Tax Update

This tax update comprises adjustments to Sage 50 Accounting’s payroll tax calculations and payroll tax tables. Only the payroll tax changes that may require you to modify your payroll records are included in this document.

Before you Begin the Processing Payroll

• To learn more about any modifications, carefully read the new federal TD1 form as well as the TD1 form for your province or territory (or the TP 1015.3-V form for Québec).
• If your staff needs to make any 2022 federal, provincial, or territorial tax payments, provide them with the TD1 forms to make adjustments to their individual claims.
• Sage 50 Accounting should be adjusted to reflect the updated tax credit amounts in your employee records.

Preparing for Payroll After Tax Changes

After tax changes take effect, this section explains what has to be changed in Sage 50 Accounting.

Step 1: Adjust Employees’ Federal Personal Tax Credit Claims

Consider making the following adjustments to your federal personal tax credit claims:

• An employee must submit the updated federal TD1 form if their personal claim amount has changed
• Sage 50 Accounting windows must all be closed
• From the Home window, select Update Employee Claims from the Maintenance menu
• Select Federal to let the system know you’re updating the federal tax credits
• From the list, select all the employees or just the ones you want to change
• To update the basic personal amounts, select Update Basic Personal Amount
• One of the following actions should be taken to update the indexed amounts from the federal TD1 form:
  • Enter the factor that will enhance the claim amount under Select Factor
  • l Choose Amount and input the additional amount to be added to the claim amount. If required assistance in figuring out this sum
• Enter the updated amounts in the Non-Indexed Amounts column for each employee to update the non-indexed amounts from the federal TD1 form.

Suggested Reading: Sage 50 2022 Install Windows 11

Step 2: Adjust Employees’ Provincial (or Territorial) Personal Tax Credit Claims

Follow these steps to amend the provincial/territorial claims:

• Employees must submit a new provincial or territorial TD1 form (or TP 1015.3 V form for Québec) if their personal claim amount has changed.
• Sage 50 Accounting windows for employee records must all be closed.
• Select Update Employee Claims from the Maintenance menu in the Home window.
• When changing the provincial or territorial tax credits, select Provincial, followed by the province or territory for which adjustments you want to be made.
• Choose all or only the employees you want to change from the list.
• Click Alter Basic Personal Amount to update the fundamental personal amounts.
• One of the following actions should be taken to update the indexed amounts from the provincial or territorial TD1 form:
  • Choose Factor, then input the indexing factor that will increase the claim amount.
  • l Choose Amount and input the additional amount to be added to the claim amount. If you require assistance in figuring this sum.
• Enter the updated amounts in the Non-Indexed Amounts column for each employee to update the non-indexed amounts from the federal TD1 form.

New changes to territorial or provincial taxes

• The New Brunswick basic personal amount was established at $11,720 in March 2022. Beginning on January 1, 2022, this change will be in effect. Please be aware that beginning with the first payroll run in July, a prorated basic personal amount of $12,623 will apply for the other months of the year. In the download sage 50 ca version 2022, this new adjustment has been appropriately included.

System Requirements for Installing the Sage 50 Canadian Edition Version 2022.3

Before upgrading from older versions of Sage 50 Canadian Edition Version 2022.3, you need to make sure that your system meets the minimum requirements mentioned below:

• 4 GB RAM
• 1 GB free disk space
• DirectX Dependency for .NET
• 0 GHz processor, both for single and multiple users
• 5 GB storage is needed for the Sage Drive company files
• Internet Explorer 11.0 (higher versions are preferred for Sage Payments Solutions, Sage Payroll Solutions and integration with other connected services)
• Windows 8.1 or Windows 10 with all the latest Microsoft updates
• Upload speed of 10
• Small fonts/DPI settings are preferable
• Microsoft .NET framework 4.7.2
• Preferable download speed of 25 mbps
• 16-bit SVGA video with a preferred resolution of 1280×800
• Email clients that are MAPI or SMTP compliant, an Internet connection, and an email service are required for forms that may be sent over email.
• Sage 50 Cloud connectivity with Microsoft 365 (previously Office 365) requires Microsoft 365 Business Standard. Word and Excel integration requires 32-bit versions of Microsoft Word and Microsoft Excel 2010, 2013, or 2016.
• Multi-user for Windows 8.1 and Windows 10 is optimized (Premium and higher). Windows Server 2019, Windows Server 2016, Windows Server 2012, and Windows Server 2012 R2 are suggested for dedicated servers. 16 GB of RAM is advised for dedicated servers.
• Windows Server 2019, Windows Server 2016, Windows Server 2012, and Windows Server 2012 R2 all offer terminal services. Recommended 16 GB RAM
• Access to a fast Internet connection (for subscribed Sage online services, for example, Remote Data Access).

Step by Step Instructions to Install the Sage 50 Canadian Edition Version 2022.3

You will receive a notification if an upgrade Sage 50 Canadian Edition Version 2022.3 becomes available if you are already running Sage 50 CA 2022. But before you update, be sure to create a reliable backup of your business then adhere to these instructions.

• In the beginning, go to the Help menu
• Next, select the Check for Product Updates” tab
• An alert such as “An update to your Sage 50” solution has been obtained and is prepared for installation” will appear
• Do you intend to apply the update right away?
• To give yourself more time to think about it, select the “Remind Me Later” tab instead of the “Install Now” tab
• The update installation will begin
• When the installation is finished, the message “Installation Successful” will appear
• Keep Sage 50 open after installation checked as it is by default
• Select “Finish” from the menu
• It will display the Sage 50 open splash screen
• You must now update your business to the latest version 2022.3
• The Upgrade Company Wizard will appear on your screen when you open an older company
• Finally, perform all the prompt instructions to upgrade your company file.

If you have any specific query, also get in touch with the experts of Sage 50 Online Chat

Conclusion

Here is all you need to know about Sage 50 Canadian Edition Version 2022.3. Contact our Sage team for prompt and accurate solutions if you experience any problems during the procedure or have any other problems. Sage 50 Live Chat the Sage Customer Helpdesk right away, and one of our team will answer to help you. Why then do we need to wait any longer? Contact us right away to receive the best assistance for your queries.

Frequently Asked Questions (FAQ’s)