Checklist: Setting Up Payroll
To set up Payroll, you set up user access to the application and establish both company-wide and employee-specific settings.
In the following table, locations are in the browser application unless otherwise noted.
Step | Description | Location |
---|---|---|
1 | Order payroll check stock and W2 Forms for Vantagepoint. | |
2 | Activate the Payroll application.
When the Multicompany application is installed, you first activate the Payroll application in Module activation. You then enable the Payroll application for each individual company in Company Settings. |
in the desktop application |
3 | Set up Payroll security. | |
4 | Add payroll-related accounts to the Chart of Accounts, if necessary. The standard Chart of Accounts includes several default payroll accounts, such as the Payroll Checking Account (104.00) and the Salaries Payable Account (231.00). | |
5 | Set up general company-wide payroll settings such as payroll frequency, Salaries Payable account, and whether to enable date ranges or multiple pay rates.
If you want to post payroll based on Organization, establish payroll settings in Organization General and Individual Organization Settings. If your firm uses multiple companies, you establish a different set of payroll setup options per company. |
in the desktop application |
6 | Set up firm-wide user-defined tax locales, if your firm needs them. If your firm uses multiple companies, you establish user-defined tax locales on an enterprise-wide basis. | in the desktop application |
7 | Set up company-wide withholding codes such as Federal FICA, or State. If your firm uses multiple companies, you establish a different set of payroll withholding codes per company. | in the desktop application |
8 | Set up company-wide contribution codes, such as 401K matching. If your firm uses multiple companies, establish contribution codes for each company. | in the desktop application |
9 | Optional. Set up company-wide absence accrual codes such as Sick or Vac. If you decide to accrue benefits, you can process benefit accruals independent of payroll, or with payroll.
If absence accrual hours are set up and tracked, you can select the Print on Check on the Absence Accrual form, to print hours earned and taken on employee paychecks. |
|
10 | Specify for each employee:
|
Accounting tab of the Employees form |
11 | Specify for each employee:
|
Payroll tab of the Employees form |
12 | Import employee wage and withholding history for the current W2 year, if payroll-related transactions for the current W-2 year have occurred before you installed the Payroll application.
This step is not necessary if you install the Payroll application at the beginning of the new W-2 year. |
in the desktop application |