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Fiscal Year End vs Calender Year End

Posted By SageHlp over 9 years ago

Hi Everyone... Very new so forgive me ! ... I can't seem to grasp the " Change Session Date " My year end is not the " Calender Year End " I have one employee on payroll... Do I have to complete the payroll entries for the current year ?( Plus T4's etc ) before I can post anything to January ? Thanks in advance...

Keith L over 9 years ago

Sage Hlp,

Calendar Year is from January to December.

Fiscal Year is any 12 months (usually) of the year. You can have 1/1/2015 to 12/31/2015 or 2/1/2015 to 1/31/2016 as your fiscal year.

Payroll calculation is based on Calendar Year. If you are on calendar year 2015 but you change your session date to 1/1/2016, you will lose the ability to calculate payroll automatically on or before 12/31/2015. This is because calendar year 2015 is moved to last calendar year.

Hope this clear your confusion.
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Carlo P over 9 years ago in reply to Keith L

Thanks for the feedback Keith

Keep up the good work

Carlo
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Sage 50 Canada

Fiscal Year End vs Calender Year End

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