Sage recently posted an update to Sage Fund Accounting (formerly Sage MIP Fund Accounting). Version 10.2.11, is now available for download from the Sage MIP Fund Accounting Knowledgebase. The v10.2.11 download link as well as all of the detailed release information and installation instructions can be found within Knowledgebase article #311222.
You may access the knowledgebase article at www.sagesoftwareonline.com. After logging in, simply click the green “SUPPORT” button to be directed to the main support page, which contains a link to the Knowledgebase. If you are not already registered for Sage Software Online, click the “Register now” link on the login page.
As v10.2.11 is a cumulative update, it includes all of the updates (v10.2.7, v10.2.8, v10.2.9, v10.2.10 and v10.2.11) since the October 2010 release of v10.2.6.
The updates prior to v10.2.11 contain:
- The following federal changes:
• The Employee Social Security withholding rate was reduced to 4.2%.
• The Earned Income Credit option is no longer applicable.
• The withholding allowances and the percentage method income tax withholding tables were updated.
• The percentage method nonresident alien calculations were updated.
• The HIRE Act has expired effective 12/31/10; therefore, all HIRE Act benefit codes should be changed to Discontinued.
Changes in state withholding tax information for AZ, CA, CO, HI, KY, ME, MO, MI, MN, NM, ND, OK, OR, PR, RI, VT, IL and Palau.
Feature to credit the 2% excess employee social security withholding back to each employee if your organization ran payroll before installing v10.2.8 which was released on January 4, 2011 and you have not processed the credits manually. Please refer to Knowledgebase article #316443 for more details on how to set up and use this new payroll feature.
- Resolutions to customer reported issues.
The v10.2.11 contains the above updates and:
- New update makes accommodation for the reduction in the FUTA tax rate from 6.2% to 6.0% effective 7/1/2011
- Resolutions to customer reported issues (See aKB 317867 for more information on all resolved issues).