Pay Types, Benefits, and Deductions..Oh My!

Time sure does fly when you’re using The Financial Edge! Can you believe that it’s 2014? I bet that you have some Payroll questions regarding end-of-year procedures. We’re here to help! Let’s walk through some important steps.

In Payroll, Configuration, you will find options to add a New Pay Type, New Benefit, and New Deduction. When adding new Pay Types, Benefits, or Deductions, there will be required fields. If you are adding a brand new entry, you can always glance at other Pay Types, Benefits, and/or Deductions to see how existing ones are configured. For more information and the steps on this, take a look at the Knowledgebase solutions for adding a New Pay Type, New Benefit, or New Deduction.

After adding your new Pay Type, Benefit, or Deduction in Configuration, you will probably want to add it manually to an employee record, right? In order to do this, you will want to check out how to add it to a single employee record in Knowledgebase. You may also want to assign new Pay Types, Benefits, and/or Deductions to multiple employees at once by creating group assignments.

If you simply need to change an existing Pay Type, Benefit, or Deduction globally or on an employee record, Payroll allows us to do that as well! In order to update one of these on a single employee record, you can use the Compensation Wizard. This allows you to increase, decrease, or expire a Pay Type, Benefit, and/or Deduction for one employee. You also have the option to globally change multiple employees at once! Now that you have all of the essential information to add new Pay Types, Benefits, and Deductions to employees’ records and change existing ones, you can celebrate the New Year. Here’s to 2014!