2008 Payroll Upgrade

There are two (2) procedures required after creating a new year.  They are
  • Download and Update the 2008 Payroll Tax Table
  • Calendar Year-End

Note:  Fiscal Year farms (farms in which the accounting year ends other than December 31) should complete this procedure in January before completing any payroll transactions, even though establishing a new year is probably not needed at this time.  This is because Payroll is based on a calendar year that runs  January 1 - December 31.

Download and Update the 2008 Payroll Tax Table
All users should complete this process, even if you do not rely on the tax table to compute payroll withholding taxes.
There are two parts to the process:
  • The first downloads the file to your computer
  • the second updates it within MCFP. 
Steps to Download and Update the 2008 Payroll Tax Table
Click this link to start the download -> MCFP Payroll Tax Upgrade for 2008

  • Select either Open or Run, depending on the options available. 
     

  •  You may receive a second window--select Run again. 
     

  • Once the WinZip Self-Extractor window comes up, click Unzip, which will then state “2 file(s) unzipped successfully”. 
     

  • Click OK, then Close and disconnect from the internet.
     

  • Next, open MCFP and close any open farms by selecting File, Close Farm (select “No” if you receive the backup prompt window). 
     

  • Select Utilities, then Update Tax Table to start the Wizard. 
    (NOTE:  If you cannot access Update Tax Table, then a farm is still open and needs to be closed.) 
     

  • Click Next, then click in the box beside All Farm Databases to mark it with an “X” and click Next. 
     

  •  It will state it successfully updated xx of xx tax table(s).  Click OK, then Done.

Note:  If applicable for your individual situation, you will need to enter your State Unemployment tax rate in the new 2008 tax table on the “Unemployment” line already established (you will find it listed at the end of the table.) 

If you use Farm Utility or Farm Auto splits, these will need to be added into the new 2008 tax table. Go to Setup, Tax Table to add or edit these items.

Calendar Year-End

The Calendar Year-End moves employees and payroll external codes to a new calendar year for payroll purposes.  All users should complete this process, even if you do not have employees set up. 

Note: Fiscal Year farms (farms in which the accounting year ends other than December 31) should complete this procedure in January before completing any payroll transactions, even though establishing a new year is probably not needed at this time.  This is because Payroll is based on a calendar year that runs  January 1 - December 31.
Steps to Run the Calendar Year-End Wizard
(Moves employees and payroll external codes to new year)
IMPORTANT:    The 2008 Payroll Tax Table must be installed prior to running the Calendar Year-End Wizard.

  • The previous year will need to be opened to complete this step. Select File, Open Farm and click on your farm name.  Then click on the previous year (2007) and click Open. 
     

  • Select File, Calendar Year-End, and click Next on the Welcome page of the Wizard. 
     

  • In the Calendar Years section, be certain it states to Copy Employees from Current Year “2007" to New Year “2008". 
     

  • In the Employees section, click in the circle to mark Current Farm. 
     

  • Click Finish.  It will state process complete. 
     

  • Click OK, then Done.
     

  • Next, select File, Close Farm to close 2007 (select “No” if it asks about backing up). Then select File, Open Farm and click on your farm name and 2008 and click Open.

Note:    If there is more than one farm set up in your MCFP software, then the Calendar Year-End Wizard will need to be completed for each farm.  (The Payroll Tax Table will not need to be updated for each farm if All Farm Databases was chosen as instructed in Step I.)

This will complete the process.