Payroll

In Payroll, you process your company's payroll for all posted timesheets, or for timesheets posted within a particular date range, and then generate paychecks and direct deposits for employees.

You can meet complex regulatory requirements by defining taxable wages based on any withholding that you create. In addition, you can define how other pay wages impact a withholding calculation (in Payroll Withholding Setup, in the desktop application).

You perform the following tasks in Payroll:

• Process multiple payroll runs simultaneously.
• Pay employees different rates based on the project or on effective dates.
• Assign a default bank to use for all employees in a particular organization.
• Produce payroll posting logs.
• Process and print W-2 forms.
• Print worksheets that help you fill out state unemployment insurance reports, quarterly state income tax reports, and federal Forms 940 and 941.
• Review the Payroll Posting log to see the general ledger accounts affected by posting a payroll run.
• Review the Payroll Journal to see posting detail, including an employee's pay rate in effect at the time of posting, benefit hours, and direct deposit information.

To process payroll, Vantagepoint uses information from the Employees hub, the Projects hub, the Transaction Center, and the Accounting Cost/Pay Rate tables.