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.
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.
How to reconcile benefits
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 ...
How to 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. ...
How to send one-off finalized tax forms to your employees
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 ...
Frequently Asked Questions - Payroll
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 ...
How to preview T4s before closing the year
1. Click Payroll, then click Mid-Year Review under Remittance Auditing. 2. A new tab will open with the heading Mid-Year Review. Click on Prepare New next to this year's entry. 3. A pop up will appear asking for which date you want to preview data. ...