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What is the Year End Review (PIER) report?

Created on  | Last modified on 

Summary

Overview of the PIER report.

Description

Refer to your Sage 50 help for more information.

Cause


Resolution

  • The Year End Review (PIER) report will identify CPP/QPP and EI discrepancies so that you can review and revise your payroll records before you produce employee T4 slips.
  • The PIER report recalculates the EI and CPP based on the Insurable Earnings and Pensionable Earnings and compares it to the actual EI and CPP taken off. This report is based on the Canada Revenue Agency's (CRA) Pensionable and Insurable Earnings Review (PIER). The CRA checks the T4 slips you file to make sure that the CPP/QPP and EI amounts you reported are correct. Employee CPP/QPP and EI amounts are recalculated based on the pensionable and insurable earnings you reported. Any discrepancies between reported and calculated amounts for an employee are noted on a PIER listing.
  • If you receive a PIER listing from the CRA, you must explain all discrepancies and remit the balance due (including your employee's share)
  • The Over / Under values on a Sage 50 PIER report are only valid when you offer the number of paycheques to the number of payperiods the employee is set to
  • Comparing the value of (Total Gross Pay for the year - 3500 exemption) X 4.95 percent on CPP to the PIER report is only valid once you create the number of paycheques matching the number of payperiods the employee is set to

Sage 50 can display the PIER report. To do that:

  1. Click on Reports, Payroll, Year End Review (PIER).
  2. Select employees and the calendar year.
  3. (Optional) You can checkmark Show only employees with CPP/QPP or EI discrepancies greater than $ a certain amount.
  4. Press OK to see the report.

 

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