Costpoint Online Help

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Create Retroactive Timesheet Adjustments

Use the Create Retroactive Timesheet Adjustments screen to create retroactive pay timesheets.

Warning: You must set up timesheet cycle parameters on the Configure Weighted Average Overtime Settings screen before you can use this screen.

If you have not posted timesheets, use the Manage Timesheets program to perform pay rate modifications; however, if you have posted timesheets, you must use this process to generate retroactive pay timesheets for the records in question.

The system generates new timesheets by comparing the hourly rate on the Manage Employee Salary Information record originally used for timesheet entry against the hourly rate on the new Employee Salary Information record. If there is a difference, the system uses this hourly rate differential to calculate the new labor cost. The monetary difference between the original labor cost and new labor cost generates on a new timesheet.

Regular, Correcting, D-Correcting, Labor Only, and N-Reversing timesheet types are used for the comparison. The system evaluates each timesheet line. Any labor cost differences result in a new timesheet line on the timesheet generated by this program.

You can use this application to determine the retroactive rate for posted timesheet lines that have been recasted. It applies the percent of increase between the original hourly rate and the new hourly rate to the recasted overtime premium.

You can also have this application determine the retroactive rate for posted timesheet lines that have been recalculated using a weighted average rate.  

Overtime premium recast refers to the ability to reassign the premium portion of overtime charges to a specific recast project, account, and/or pay type that is different from the charge accounts noted on the original timesheets.

This application populates permanent reporting tables that you can use as sources for the timesheet adjustments made in this screen.

You can compute and report multi-state withholding taxes, based on the regulations specific to each state.

You can cancel this process at any time; however, if you are satisfied with your record specifications, you must click to execute this process, which evaluates only timesheets that have been posted to Costpoint Labor.

Note:

For Costpoint Payroll, use a timesheet date for the generated timesheets to coincide with the payroll period for which you want to pay the additional amounts.