How to Set Up a SIMPLE Retirement Plan (IRA) in Sage 50?
There are numerous retirement plans (401(k)), available defining benefits and profit-sharing are available in the market. These plans can be customized and can be made suite the professional practices of any business. For small business like start-ups, home based businesses adopting a SIMPLE IRA plan is recommended.
A SIMPLE IRA lan is an acronym for “Savings Incentive Match Plans for Employees.” It is a plan specifically designed for small business. These plans focus on encouraging small business to offer retirement coverage to their employees.
Before going through the step to setup SIMPLE IRA, setup your General Ledger Accounts and employees. Consult with your CPA prior to making these changes, as your payroll setup and business needs may vary. Consult with Canadian SAGE Support team if using Sage Canada edition .
Also setup your initial General Ledger Account and initial Payroll Setup
Since any of the following steps will change your company related information, be sure to create a backup prior to continuing.
- Select Maintain, Payroll, Payroll Settings.
- Select Benefits, Summary of Benefits.
- Select Add Another Benefit, Retirement Plan. Click OK.
- On the Retirement Plans window, select SIMPLE.
- Answer the question “Who contributes money to this plan?”. Click Next.
- Select what the Company contributions are based on and the percentages or amount. Click Next.
- On the SIMPLE Tax Settings – Employee Contribution window, select which taxes are Pre-tax or Taxable for the Employee contribution. Click Next.
- On the SIMPLE Tax Settings – Company Contribution window, select which taxes are Taxable or Non-taxable for the Company contribution. Click Next.
- On the GL Accounts – Employee window, select the appropriate GL account to track employee contributions. Click Next.
- On the GL Accounts – Company window, select the appropriate GL account to track Company contributions. Click Next.
- On the Summary of Benefits window, verify the settings. Click Finish.
Points to Remember
One must be careful while working with the above mentioned functionality. Always create a backup of your data before proceeding with advanced solutions. Always seek assistance of any qualified Sage business partner, network administrator, or Sage customer support analyst.
If you want to make any enquiry or you are not satisfied with the solution and need further assistance from Sage technical support Phone Number, then contact Sage support number. They are third-party consultancy who provides Sage assistance worldwide.
To contact them, call on their customer support toll-free number 📞 1-800-574-6305. You can get in touch with them at any point in time as they provide 24*7 customer assistance.