There’s more to payroll funding than position funding. To make sense of the payroll transactions that post to the general ledger, account codes classify the kind of earnings and benefits processed by payroll and are used to post fringe rates and encumbrances.
When a contract ends mid-month and a new contract begins during the same month, posting payroll can be tricky. Avoid confusing paycheck calculations by following these best practices for mid-month contract changes.
There’s more to payroll funding than position funding. Account codes classify the kind of earnings and benefits processed by payroll and are crucial for encumbrances and budgeting.