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Learn about the types of payroll runs and the details associated with each process.
- Related Topics:
- Payroll Run Types
You can process three types of payroll runs: Regular, Adjustments, and Bonus. - Adjustments Payroll Run Type
Use payroll adjustments to make changes to a payroll that has already been processed. You can adjust pay, withholdings, regular, overtime and secondary overtime pay hours, and accrued benefit hours. - Bonus Payroll Run Type
Bonus payroll runs automate the process of paying your employees bonuses. They differ from regular or adjustment runs because you manually enter the gross pay amount, so no timesheet hours are needed. State and local withholdings are calculated according to an effective date. - Process Type: Automatic or Manual Select
The process type determines the procedures that you use to complete payroll processing. You can have Vantagepoint select employees automatically or you can "manually" select one or more employees to include in the payroll run. - Guidelines for Modifying Pay Hours
Pay hours display on the Employee Review dialog box of the Employee Payment Selection form, for your review. In some cases, you can modify pay hours from this form. - Multiple Payroll Runs in the Same Period
You can run multiple simultaneous payroll runs using the same pay hours for different employees. To do this, you must use the date range method of selecting timesheets for payroll processing. - Processing Payments in the Payroll Payment Run
After you set up a payroll payment run, select employees if it’s a manual run, review the draft journal, and make any modifications, you process the payments in the payroll payment run. - Where to Specify Payment Sort
You can specify up to three sorts for payments processed in a Payroll session. Sort selections are saved for the next session. - Check Stock and Check Templates
To produce checks using Vantagepoint, you must obtain appropriate check stock that matches the check template and format that you choose for Accounts Payable, Employee Expense, and Payroll checks. - Assign Check Numbers
You must assign numbers to printed checks. The numbers must match the preprinted, micro-encoded number on each check. This number is stored with the posted check for tracking and auditing purposes. - Processing Payroll Direct Deposit/Electronic Funds Transfer
After processing payroll details in Payroll Payments, you can set up the payroll direct deposit/electronic funds transfer (EFT) to credit payroll amounts directly to employees' bank accounts. - Posting to Record Other Payroll-Related Disbursements
With each payroll run, you accumulate withheld amounts in liability accounts. When you pay for federal taxes, FICA, health insurance, and so on, you should record these disbursements through Cash Disbursements Transaction Entry. The cash disbursement should debit the liability account and credit the checking account. - Payroll-Related Accounts
When you process payroll, the Payroll application posts to a number of General Ledger accounts. To make these postings, the Payroll application requires that these accounts be set up in your Chart of Accounts, and associated with the Payroll application in Payroll Settings in the desktop application. - Posting Payroll and Printing Checks
A processed payroll run is not recognized until it is posted. Once posted, Vantagepoint recognizes the payroll expense, the employer’s FICA expense, and the withholding amounts. - Voiding a Payroll Payment
When you void a payroll payment, Vantagepoint posts a voided payment amount to the general ledger and reverses the effect of the original posting. Voiding a payroll payment also reverses any withholdings, sick time, and accrued vacation time associated with the original payment. - Undoing a Posted Payroll Run
You can undo a posted payroll run to return the payroll data, such as posted timesheet hours, to the status they were in before the run was posted.
Parent Topic: Payroll Payments