Processing the Payroll
The following step-by-step narrative sets forth the general order of the necessary procedures that comprise Costpoint's payroll processing function.
You must take these steps each time you process the payroll from the employee's timesheets. We recommend that you review the related topics for Costpoint Labor and Leave in conjunction with this step-by-step narrative.
Related Topics:
Step 1: Employee Tables (Costpoint Employee)
Before entering timesheets and creating payroll, it is important that you make entries in each of the screens in the order listed below.
Step 2: Enter and Edit Timesheets (Costpoint Labor)
Before the payroll can be processed and amounts paid to employees, you must enter a timesheet for each employee.
Step 3: Compute Leave (Costpoint Leave)
If you are using Costpoint Leave, compute leave at this time.
Step 4: Print Timesheet Edit Reports
The timesheet must be accurate. Review it by printing the Timesheet Edit reports.
Computing payroll calculates each employee's gross pay and related tax withholdings and other deductions.
Step 6: Print and Review Payroll Edit Reports
After payroll has been computed, you can access the gross pay, withholding, and other deduction information for each employee through the Payroll Edit Report or through the Manage Payroll Records screen.
Step 7: Make Changes in the Manage Payroll Records Screen
After you have determined the corrections that must be made to the payroll, enter these corrections on the Manage Payroll Records screen so that the withholding amounts are correct for each employee's paycheck.
Step 8: Reprint Payroll Edit Report
If you made changes in the Manage Payroll Records screen, or if you entered correction timesheets and reprocessed timesheets, reprint the Payroll Edit Report.
If corrections have been made to timesheets and leave is accrued based on hours, you must recompute leave.
Step 10: Post Labor Distribution
After verifying the timesheets are correct and the payroll is correct, post the labor distribution.
After timesheets are correct and leave has been accrued and verified, post the leave accrual.
After you have reviewed the payroll and made all of the necessary corrections, you are ready to print the paychecks.
Step 13: Perform Direct Deposit Procedures
If you are using the Direct Deposit feature, you can perform the direct deposit steps at this point.
Step 14: Print Payroll Journal and Post to G/L
After each payroll is processed and before you can create payroll for the following pay period, you must print the Payroll Journal and post it to the General Ledger.
After posting the Payroll Journal to the General Ledger, you can close the pay period.