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Here we are again. Another year-end to survive means bringing back our webinars, guides and feel-good content to get you through it while keeping it together. (In other words, reducing stress and headache occurrences and making room to enjoy the holiday cheer.)
In this webinar, Wagepoint Community Manager, Bianca Mueller, walks you through working through year-end as a Wagepoint Partner. There are plenty of great details that she goes over, so be sure to watch the webinar above to get the full scope of what you’ll want to keep in mind while checking items off your year-end to-do list for each client.
Here are a few of the key points she touches on.
Don’t go into year-end unprepared.
When taking on something like payroll year-end, it’s good to go in prepared. The same is true if you’re using a payroll software like Wagepoint, so we’ve put together a short list of things you’ll want to do (or have your clients do) right now in November to get your year-end processes ball rolling.
- Finalize at least two pay runs in Wagepoint during the 2022 calendar year.
- Toggle on or off the Auto-submit tax forms feature in your settings per your preference.
- Review reports, such as the Year-to-date, Remittance and the T4/T4A/RL-1 export reports.
- Verify employee details.
- Think early about bonus runs.
Bianca covers each of these in more detail during the webinar, or you can also read through and bookmark 5 Really Important Things You Must Do Now to Prepare for Year-End from our Year-End Survival KIT!
Don’t miss important dates and deadlines.
Knowing the when of year-end tasks is a big part of the journey. There are a number of important dates and deadlines you’ll want to consider for things like year-end forms, processing pay runs to be included for the 2022 tax year and more.
Check out Bianca’s breakdown in the webinar or check out these handy blogs in our Year-End Survival KIT.
- Timelines and Tips for 2022 Year-End Documents (T4, T4A, RL-1s)
- When Should I Process Payroll for the 2022-23 Winter Holidays?
What does year-end in Wagepoint look like?
Year-end in Wagepoint involves steps like processing pay runs in time for year-end form generation, toggling remittance options and updating figures for 2023 calculations. Consider this a short navigation guide on how to tackle a few of those tasks in Wagepoint.
Wagepoint Auto-submit tax toggle
- Navigate to Settings in Wagepoint.
- Choose Account Settings.
- Under Company settings, toggle the Auto-submit tax forms option.
Toggling to Yes means you’d like Wagepoint to auto-submit your year-end tax forms for you or your clients directly from within the program.
Toggling No means you’d like to handle submitting these forms yourself manually.
Note: You won’t be able to change this setting during the submission period — February 20, 2023 at 12 am ET until March 1, 2023 at 12 am ET — so be sure to make your decision before then!
Relevant Knowledge Base article: Changing your company settings.
Updating Workers’ Compensation
Before you dive into these steps for updating Workers’ Compensation rates, note that you’ll want to make the update after your final 2022 pay run, but before your first 2023 pay run.
- Select Company from the orange banner bar.
- Choose More from the tabs.
- Click Workers’ Compensation.
- Find the province you’d like to update and choose Edit in the Actions column.
- Update the rate and click Save.
Relevant Knowledge Base article: Adding employment details.
Updating Health Services Fund rates
Like with workers’ compensation, you’ll want to update this figure after your final 2022 pay run, but before your first 2023 pay run.
- Select Company from the orange banner bar.
- Select the Company info tab.
- Enter the new rate in the Revenu Québec Employer HSF Rate field.
Relevant Knowledge Base article: Changing company info.
Updating federal and provincial claims
Updated payroll tax tables will be available on December 27, 2022 in Wagepoint, which is the earliest you’ll be able to run payroll for 2023.
- Select Employees from the orange banner bar.
- In the Employees tab, select the name of the employee whose federal and provincial claims you’d like to update.
- Go to the Tax info tab.
- Select from the Federal TD1 drop-down menu.
Relevant article: Adding employee tax details.
Updating your remittance schedules
This is another instance where you’ll make this update after your last 2022 pay run, but before your first 2023 pay run. If you have received a notification from the Canada Revenue Agency regarding a change to your current remittance schedule, follow these steps.
- Select Company from the orange banner bar.
- Select the Company info tab.
- Choose your new remittance schedule from the Remittance Schedule drop-down menu.
Relevant Knowledge Base article: Remittances.
Loading stat holidays for the new year
Hold off on loading your 2023 stat holidays until after your final pay run of 2022, but do it before your first pay run of 2023.
- Select Company from the orange banner bar.
- Choose the Company holidays tab.
- Click Load stat holidays.
- Click Add a holiday if your company observes a holiday that’s not already listed.
Relevant Knowledge Base article: Adding stat holidays.
Thanks for another great year, Partners!
Once again, we recommend watching the full webinar above! There are a few details we didn’t cover in this blog, so you won’t want to miss out on those. Don’t worry if you don’t have time to watch right now — the webinar is available on this blog and on demand throughout the entire year-end season!
Thanks for being with us during 2022, Wagepoint Partners! We can’t wait to bring you more amazing opportunities in the new year.
We’re here to help.
Contact Wagepoint’s customer support by submitting a ticket directly within the app, or sending us an email to support@wagepoint.com.
Become a Wagepoint Partner.
A Wagepoint Partner is an accounting or bookkeeping professional using Wagepoint to manage their payroll clients. This program gives you the opportunity to work closely with your client to ensure payroll is being processed correctly and remittances are on time, all while keeping things simple and saving you time.
Additional resources.
- Year-End Survival KIT (Accounting and bookkeeping professionals)
- Year-End Survival KIT (Small business)
- Year-End Survival KIT (French Canadian)
- Year-End Survival KIT (US small businesses, accountants and bookkeepers)
- Wagepoint Knowledge Base library
