Advanced Costing
The Advanced Costing feature includes numerous improvements to the usability and flexibility of employee compensation setup as well as calculating gross pay data for salary systems based on this setup.
Large companies have the requirement to be able to specify the employee overhead cost rate as a percentage and to maintain this at a higher level than at each individual employee. Some companies group their employees into a number of categories with respect to overhead cost and want to specify overhead cost as a percentage for each combination of this category and company. This category differs from the employee category. For example, a consultant might work out of the office and another might work at customer site and might therefore have different overhead cost.
In addition, large companies have the need to store compensation related details including base salary, gross and hourly pay, hourly cost , pay periods and pro rata with thresholds and limits, all assigned at the employee level, which is facilitated now with the use of enhanced compensation agreements.
- Related Topics:
- Compensation Types
Compensation types are the building blocks of a company’s compensation agreements. - Compensation Models
Compensation models are a company-wide group of combination types / templates. - Compensation Groups
You can set up named groups (sets) of compensation types, which are called “compensation groups.” - Compensation Agreements
Compensation agreements are based on compensation types/templates, as customized for each specific employee. - Overhead Rate Maintenance
In Maconomy, the total cost rate for time can be specified in a number of places, such as in the employee card and on price lists. - Banking
The banking module is used for handling payments, customer payments, petty cash accounts, and bank reconciliations. - Workflow
This section describes the workflow on an electronic customer payment.