Question from a Microsoft Dynamics GP Payroll User
We currently have several employees that are paid both on a biweekly and monthly schedule for different types of pay. We have to manually stop deductions and benefits on one of the pay runs so they do not show up for both types of pay. Is there a way to mark the deductions and benefits so that they are only associated with one of the pay types/cycles?
Watch this video and see how I use the Microsoft Dynamics GP “Build Check” window to handle this.
Belinda (the GP CSI) AllenBelinda@saci.com917-445-9070
This video shows how I suggest data be imported if you use an outside payroll service like ADP, Paychex, etc. I show an Import I setup Integration Manager and Microsoft Dynamics GP.
I also discuss file layout, wash accounts and balancing.
You can also see me edit the general ledger entry after it has been imported.Belinda (the GP CSI) AllenBelinda@saci.com917-445-9070
In this video I review how to setup Report Groups and Combined Reports. This will help when you need to print multiple reports on a regular basis (e.g. Period End Reports, Audit Reports, etc. using Microsoft Dynamics GP.Belinda (the GP CSI) AllenBelinda@saci.com917-445-9070
This video shows the Microsoft Dynamics GP Deduction AND the Benefit screens for employees with 401k plans. The Benefit is set to match the Employee’s deduction 100%, with both Benefit and Deduction having a maximum amount.Belinda (the GP CSI) AllenBelinda@saci.com917-445-9070
If you use Microsoft Dynamics GP US Payroll, you need to make sure you install Round 2 of the Payroll Tax update for 2011.
For 2011, the employer portion of FICA Social Security is 6.2%, while the employee portion of FICA Social Security has been dropped to 4.2%. Very confusing, I know.
Round 1 dropped both sides, so the paychecks would calculate correctly (at a rate of 4.2%.)
Round 2 corrects the Employer side. Please note that if you made tax deposits based on the reports created with payroll, you will need to make an additional payroll tax deposit for the employers additional 2%.
You can use your quarterly report, to help you calculate the difference you (may) owe the IRS.Belinda (the GP CSI) AllenBelinda@saci.com917-445-9070
I wanted to share with you another use for Microsoft Dynamics GP User Defined fields.
Ever have the need to use SmartList to pull up 5 or 6 vendors that are in different classes? With only being able to add up to 4 criteria, you're a little stuck. The answer: User Defined Fields.
Within each maintenance card (vendors, employees, customers, accounts) there are 2 user defined fields. User Defined Field 1 can be used in GP Reports or in ranges to perform task (e.g. select vendor checks.) You can also use them as a column (therefore criteria) in SmartList.
The only word of caution, you have to be consistent with what you put in the field (e.g. 12/2/10 is not the same as 12/2/2010.)Belinda (the GP CSI) AllenBelinda@saci.com917-445-9070
Using Microsoft Dynamics GP, if you do Bi-weekly payrolls, you pay employees 26 times a year.
If you have monthly deductions, like health insurance, you have a monthly amount for each employee to deduct.
Problem? If you annualized the monthly deductions and divide by 26 and use that amount each pay period, than you'll have great difficulty balancing your payroll accounts in the General Ledger. Also, if an employee leaves your company, it's likely you'll have to settle up for the difference in the deductions, which usually means the employee will owe you money.
How to fix it? Divide the monthly deduction amount by half and take out of each pay period for the first 2 pay periods of the month.
If a month has 3 pay periods, use a different "Build Payroll Check" ID and on the Deduction and Benefit button, use the Selected radio button and do not select those monthly deductions. This means a couple of pay periods during the year the employee will get more money which will make them happy. Also, you'll be able to balance your General Ledger payroll accounts more easily! Its a win win!Belinda (the GP CSI) AllenBelinda@saci.com917-445-9070
No screen shot here because this rule is the same no matter where you are in ANY accounting software (including Dynamics GP.)
When you make a mistake, reverse it or void it. DO NOT ADJUST IT!
If you have a transaction that is partially wrong, do not make an entry to correct the wrong part. Void or reverse the ENTIRE entry and start again. I cannot tell you how many times I get called in to help because someone tried to correct an entry, only to make another error, then another and then it's a big mess.
You'll save yourself a LOT of grief to void the entire entry and re-enter correctly.
Besides, do you really want to explain it to the auditors at the end of the year as well?Belinda (the GP CSI) AllenBelinda@saci.com917-445-9070