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Update Deduction Subtask

Use this subtask to update the Employee Deductions table with the correct deduction amount for the employee's dependent care FSA election.

Use this subtask in conjunction with the main screen to enter or correct the deduction amount for this employee's dependent care election. If you do not enter or correct the deduction on this subtask, you must enter or update the deduction on the Manage Employee Deductions screen. In addition, you must have set up the employee with a pay cycle on the Manage Employee Taxes screen, and the pay cycle must have dates falling within the plan year.

Contents

Field Description
Pay Cycle

This non-editable field displays the employee's pay period code from the Manage Employee Taxes screen.

Pay Periods Remaining

This non-editable field displays the number of pay periods remaining in the current payroll year.

Costpoint calculates this field. Costpoint compares the Start Date on the main screen to the dates on the Manage Pay Periods screen for the Pay Cycle Code assigned to the employee.  Costpoint verifies that no payroll has been posted for this period to either the Employee Earnings table or the Payroll Edit table. If a record is found with that pay period date, Costpoint displays an error message informing you that you must change the start date. This ensures that the correct number of remaining periods is calculated.

Election Amount

This non-editable field displays the employee's election amount as it was entered on the main screen.

Plan YTD Deductions

This field displays the sum of deductions from the Employee Earnings table in Costpoint Payroll, where the deduction code equals the deduction code for dependent care on the Configure Benefit Settings screen and the pay period end date is within the date range for the plan year. This is a Costpoint-calculated, non-editable field.

Difference

The difference between the Election Amount and the Plan YTD Deductions amount displays in this field. This is the amount that must be deducted over the remainder of the plan year.

Deduction Amount

To calculate the amount for this field, Costpoint divides the value in the Difference field by the value in the Pay Periods Remaining field, then rounds this value to the nearest penny. This is a Costpoint-calculated, non-editable field.

Update

Click this button to update the Employee Deductions table with the displayed information. If the record doesn't already exist, Costpoint displays the following message:

Warning:

A dependent care withholding deduction will be inserted for this Employee if it has not been set up in the employee deductions. Otherwise, the existing dependent care withholding deduction record will be updated.

  • If you click OK, Costpoint inserts the new record.
  • If you click Cancel, you must manually update the Payroll Deductions table with this employee's deduction information. If the record already exists, Costpoint updates it.

Costpoint collects data for updating the Payroll Deduction table for the employee as follows:

  • Deduction: Deduction code assigned to this flexible spending account on the Configure Benefit Settings screen.
  • Method: FIXAMT
  • Rate: Deduction amount derived above
  • Limit: Election amount defined above
  • Priority: Priority number from the Manage Deductions screen for this deduction code
  • Start Date: The Start Date from the main screen.
  • Through Date: Blank
  • End Coverage Date: Blank