Each year Business Software Solutions releases an update to the federal tax tables for our payroll module. This update will ensure that your FICA tax tables are set up correctly. In addition to updating the FICA tables, there are additional federal rates that may need to be changed manually. This year the employee contribution to social security will be increasing from 4.2% to 6.2%. Be sure to update this rate before you run payroll for the new year. To change this rate, do the following:
- 1. Open the BPA software and go to Business System>Payroll
- 2. Click Change Federal Tax Limits
- 3. Ensure all rates are updated to the follow: SS Wage Limit – 113700.00, SS Employee Rate – 6.2, SS Employer Rate – 6.2, Medicare Wage Limit – 9999999.99, Medicare Tax Rate – 1.45, FUTA Wage Limit – 7000.00, FUTA Tax Rate – 6.000.
- 4. Once you have updated the rates simply select F3 to exit.
We also suggest that you check your SUTA tax rates by clicking Change State Tax Limits. Check with your state to enter the correct value here.
Please note that these rates may change at any time due to new federal legislation. Please check IRS Publication 15for updated rate information.
The end of the year is always a busy time for restaurant owners. Ensuring all your tax and sales data is in order can be a daunting task. In this guide, we’ll discuss reports that are available to help you to close out your accounting year.
Before we start pulling reports, you will want to make sure the system is using all the data for the entire year. BPA is designed to archive sales information after a certain period; this allows the software to run smoothly. Occasionally, if these settings are changed, they will cause inaccurate reports for the entire year. To verify your archive settings go to Restaurant System>Manager Functions>Misc. Definitions. Select the Business System option on the left. In the right, you will see several headings; scan down until you see Data archival.
Here you will see a section with your data archive settings. Depending on which reports you need to access will determine which archive settings you may need to change. The business system reports and monthly and yearly sales reports are controlled by the top option – Archive Sales Order Records After ‘XXXX’ days. Most of the restaurant reports will be controlled by the Archive POS Sales Records After ‘XXXX’ days option.