There are a few best practices to keep in mind while reviewing paychecks to ensure that employees are paid correctly and funding posts correctly. As we approach fiscal year-end, become acquainted with the tools to ensure all pay is posted correctly before fiscal year-end on June 30.
There’s more to taxable income than regular salary — awards, tuition assistance, gift cards and even some family benefit costs can be subject to tax. Remember: Any unpaid employee taxes are redirected to the unit — see how to query for these charges.
In addition to the usual year-end tasks, specific situations can arise with grant-funded positions and the electronic Personnel Effort Reporting System (ePERS).
The HCM payroll encumbrance calculation process is an important way to track projected payroll obligations — such as payroll, taxes and deductions — in the general ledger.
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.
