Payroll Overview
The payroll system automates the process of creating and maintaining complete employee payroll records. The payroll system helps you manage:
- Employee information
- Tax rate changes (federal, state, and local)
- Flexible pay periods
- Direct deposit
- Retirement deductions
- Withholdings
- Worker's Compensation
- W-2 Processing
Payroll addresses your special needs, such as:
- Reporting
- Security
- External payroll interfaces
- Employee Information
Payroll is table-driven to provide flexibility in administering payroll for multiple states and to adapt to changes in federal, state, and local payroll regulations. The system maintains detailed employee pay information such as:
- Hours worked
- Tax codes
- Deductions
Using Payroll, you can print payroll checks, the check register, W-2 forms, and quarterly and year-end reports.
Payroll uses information found on the Employees form: personal information, hiring and service information, pay rates, tax codes, union dues, loan and garnishment deductions, Earning Codes/Deductions, year-to-date statistics, 401(k) and direct deposit specifications, etc.
You can base the amount paid to employees on salary, hours of direct and indirect labor, overtime, sick time, holidays, and vacation time. You can also pay salaried employees by an hourly rate when needed. Payroll can also handle a one-time temporary deduction and/or earnings payment.
Payroll also uses information from the Bank Reconciliations form, which maintains a transaction history of the activities against your company's checking accounts.
Payroll transactions are posted to the Payroll Distribution Journal in the General Ledger. You can then post the journal transactions to the General Ledger files. Those transactions provide the basis for financial reports.