Payroll Processing Payroll processing includes several activities such as managing pay periods and updating excess life deductions. Related Topics:Manage Pay Periods Costpoint supports multiple pay cycles. Update Excess Life Deductions Use this screen to initialize or update the deduction amount for excess life insurance for all active employees. The deduction is based on the employee's age, insurance amount, and pay frequency. Update Employee Package Deductions Use this screen to calculate the proper deduction and contribution amounts for the benefit elections that were in effect at the time of the pay period end date. Compute Payroll Use this screen to create potential paychecks, including tax withholding calculations at the federal, state, and local level. Print Payroll Edit Report Print this report after computing payroll and before printing paychecks to check whether the wages, deductions, and contributions that have been computed are correct. Manage Payroll Records Use this screen to maintain the Employee Payroll table, which stores the current amounts related to employee earnings, labor costs, workers' compensation, deductions, and contributions. Print Employees Eligible for Catch-Up Screen Use this screen to print information relating to employees over 50 with catch-up retirement contributions. Direct Deposit There are several applications that are relate to direct deposit such as the Activate Pending Employee Bank Information and the Create ACH Bank File screens. Paychecks There are several applications related to paychecks which are Print Paychecks and Close Pay Period. Parent Topic: Payroll HomePeoplePayrollPayroll Processing
Payroll Processing Payroll processing includes several activities such as managing pay periods and updating excess life deductions. Related Topics:Manage Pay Periods Costpoint supports multiple pay cycles. Update Excess Life Deductions Use this screen to initialize or update the deduction amount for excess life insurance for all active employees. The deduction is based on the employee's age, insurance amount, and pay frequency. Update Employee Package Deductions Use this screen to calculate the proper deduction and contribution amounts for the benefit elections that were in effect at the time of the pay period end date. Compute Payroll Use this screen to create potential paychecks, including tax withholding calculations at the federal, state, and local level. Print Payroll Edit Report Print this report after computing payroll and before printing paychecks to check whether the wages, deductions, and contributions that have been computed are correct. Manage Payroll Records Use this screen to maintain the Employee Payroll table, which stores the current amounts related to employee earnings, labor costs, workers' compensation, deductions, and contributions. Print Employees Eligible for Catch-Up Screen Use this screen to print information relating to employees over 50 with catch-up retirement contributions. Direct Deposit There are several applications that are relate to direct deposit such as the Activate Pending Employee Bank Information and the Create ACH Bank File screens. Paychecks There are several applications related to paychecks which are Print Paychecks and Close Pay Period. Parent Topic: Payroll HomePeoplePayrollPayroll Processing