Manage Pay Periods

Costpoint supports multiple pay cycles.

Within each pay cycle, you can define the pay cycle schedule, or pay periods which exist for the given pay cycle in a given payroll year. Each pay cycle must belong to one of four possible Costpoint-defined frequencies: Weekly, Bi-weekly, Semi-monthly, or Monthly. You can set up one or more pay cycles for each frequency.

This screen contains an auto-add feature to expedite setup. After you have added the periods to the table window, you can modify the dates if necessary, but the dates cannot overlap.

There is no need to tie pay cycles to timesheet cycles or pay periods to timesheet periods. When a payroll is computed, the program includes all timesheets with dates within the pay period start and end dates for employees belonging to the pay cycle. Timesheets with dates earlier than the start date, or later than the end date, are skipped. (Each employee is assigned to one pay cycle on the Manage Employee Taxes screen.) For example, an employee could belong to a weekly timesheet cycle and a bi-weekly pay cycle. In this case, it makes sense to make the end dates of the second weekly timesheet cycle the same as the end date of the bi-weekly pay cycle.

Complete this screen during initial setup. Because the pay cycle is required for each employee, you must set it up here before entering employees in the Manage Employee Taxes screen.

This application contains functionality that allows you to compute and report multi-state withholding taxes, based on the tax regulations specific to each state.