Close the year

Close the year

Before you close the year, you must be absolutely sure that you are finished paying employees for the year. Once the year is closed, it cannot be opened. The year must be closed in order to process payroll for the new year. Please do not close the year if you plan to create an ad-hoc pay run in the current tax year.1. In the side menu, click Payroll. Next, in the Year End section, click Year End Closing.     



2. Under Close Year End, you can review the status of the year. To be eligible for closing, you must have all pay runs within the year posted and the year cannot already be closed. 



3. If eligible, and you are sure you are finished paying employees for the current year, click Close Year. This will then allow you to begin processing payroll for the next calendar year. If the button is greyed out, see below for guidance. 

Why am I ineligible to close?

There are four potential errors that will cause the eligibility to read “This year is NOT eligible to be closed” and for the Close Year button to be greyed out and unclickable.


Error Message

Resolution
Eligible Message
# regular pay runs are unposted.
Return to the Process Payroll / Review Payroll History screen and make sure your last regular pay run of the year has been approved and posted. If you need an approved pay run posted, use the live chat to ask our support team to post it. If there are outdated unposted regular pay runs that you will not be using, they can be deleted.
All regular pay runs are posted.
# unscheduled pay runs are unposted.
Return to the Process Payroll / Review Payroll History screen and make sure all ad-hoc runs have been approved and posted or deleted. If you need an approved pay run posted, use the live chat to ask our support team to post it.
All unscheduled pay runs are posted.
The last pay run of the year has not been posted.
Return to the Process Payroll / Review Payroll History screen and make sure your last regular pay run of the year has been approved and posted. If it appears that it has been approved and posted, please contact our support team for assistance.
The last pay run of the year has been posted.
The year has already been closed.
Someone from your company has already completed this step. Make sure you have prepared for the next year.
The year has not already been closed.

Note: Tax configurations are rolled forward for simplicity, but the CRA still recommends your employees not claiming the Basic Personal Amount update their TD1s every year.



    • Related Articles

    • Reconcile benefits in Payroll

      To reconcile both cash and non-cash benefits, we recommend reviewing employees who receive benefits and how much they should have paid. 1. Click Reports, then Custom Reports to access the custom reporting section. 2. Start from the report called Pay ...
    • Process tax form runs

      Prior to processing year end tax forms, you must complete the following steps: 1. Close the previous year. For details on how to close the previous year, check out our article on How to close the year. 2. Find your T4 remittance balance from the CRA. ...
    • Send one-off finalized tax form to an employee

      Once you complete your year end in Rise Payroll, you can send employees' tax forms to their work email. Only previous year’s tax forms and current year’s finalized tax forms can be sent. 1. Navigate to Payroll and click the Employees tab. 2. Here ...
    • Employee payroll setup overview

      Please follow these steps in chronological order before attempting to process payroll. 1. If you created payroll profiles for your employees when you added them to the People Directory, you won’t need to add them again to payroll. However, if you ...
    • FAQ: Payroll setup

      Q: How does Rise calculate deductions for federal and provincial taxes? A: Rise uses cumulative averaging, meaning that our system uses the year-to-date options in the tax calculation as described in the Payroll Deductions Formulas for Computer ...