Checklist: Setting Up Payroll
To configure Payroll, you set up user access to the application and establish both company-wide and employee-specific settings.
| Step | Description | Location |
|---|---|---|
| 1 | Order payroll check stock and W2 Forms for Vision. | |
| 2 | Activate the Payroll application.
When the Multicompany module is installed, you first activate the Payroll application in Module activation. You then enable the Payroll module for each individual company in Company Settings. |
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| 3 | Set up Payroll security. | |
| 4 | Add payroll-related accounts to the Chart of Accounts, if necessary. The Vision 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 Setup and Individual Organization Setup. If you use Multicompany, you establish a different set of payroll setup options per company. |
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| 6 | Set up firm-wide user-defined tax locales, if your firm needs them. If you use Multicompany, you establish user-defined tax locales on an enterprise-wide basis. | |
| 7 | Set up company-wide withholding codes such as Federal FICA, or State. If you use Multicompany, you establish a different set of payroll withholding codes per company. | |
| 8 | Set up company-wide contribution codes, such as 401K matching. If you use Multicompany, establish contribution codes for each company. | |
| 9 | Optional. Set up company-wide benefit 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 benefit accrual hours are configured and tracked, you can select Print on Check from the Benefit Accrual Setup tab to print hours earned and taken on employee paychecks. |
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| 10 | Specify general employee benefit accrual information. | |
| 11 | Specify employee payroll rate and type information. | |
| 12 | Enter withholding codes for your employees. | |
| 13 | Enter contribution codes for your employees. | |
| 14 | Enter tax locale information for your employees. | |
| 15 | Enter direct deposit information for your employees. | |
| 16 | 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. |