Some faculty with nine-month academic year contracts may choose to have their pay distributed over a longer period. Understand how these extended payouts align with fiscal year budgets and the general ledger.
Occasionally, you’ll need to correct errors in payroll after it processes. CU’s HCM Payroll Expense Transfer (PET) solution has a number of helpful features to make reallocating funding a breeze.
There are a few best practices to keep in mind while creating a Payroll Expense Transfer (PET) to ensure correct accounting, a smooth fiscal year-end and collaboration between departments.
There’s more to taxable income than regular salary. Awards, tuition assistance, gift cards and even some family benefit costs can be subject to payroll taxes. Any unpaid employee taxes at the end of the calendar year are redirected to the employer and will post to position funding sources. See how you can query for these charges.
