Payroll Post Notes: Prepare Your Pay Schedules

Jennifer Maroney — Thu, 18 Dec 2008 12:30:00 GMT

We have talked a lot lately about preparing to process W-2s, but there are other things you need to do too. One of the most important non-tax end-of-year tasks is to create next year's pay schedule. This quick process will save you lots of headaches calculating Payroll in January and ensure all pay types, benefits, and deductions will calculate correctly for 2009.

I strongly recommend using the same schedule ID for consecutive years so the default schedule on employee records updates automatically. Then, when you calculate the first payroll of the new year, you will be prompted to update the compensation type's schedule. Make sure you click Yes to the prompt. The compensation type schedule will then be updated based on the default employee schedule.
Note: If you calculate attendance based on pay period, you must use the same schedule ID for each payroll year.

You have two options to create the new pay schedule:

If your pay frequency is bi-weekly, ensure you enter the correct number of pay periods because each year can contain more than the default 26 periods. For example, if in 2009 your period end date falls on Thursday, your bi-weekly schedule will have 27 periods. Ensure your schedule includes all period end dates before saving and using the schedule. To correct a bi-weekly schedule used in a calculation, refer to Knowledgebase solution BB322598.

Stay tuned for more end-of-year stuff. Talk to you soon!

The Ledger : pay schedules

Payroll Post Notes: Prepare Your Pay Schedules