There’s more to payroll funding than position funding. To make sense of the payroll transactions that post to the general ledger, account codes classify the kind of earnings and benefits processed by payroll and are used to post fringe rates and encumbrances.
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.
Some faculty with nine-month academic year contracts may choose to have their pay distributed over a longer time period. Understand how these extended payouts align with fiscal year budgets and the general ledger.
Timing is everything when paying an employee who is terminated. Many moving parts must come together, including crucial steps employees should take to ensure their benefits preferences and final payroll are processed correctly.
When a contract ends mid-month and a new contract begins during the same month, posting payroll can be tricky. Avoid confusing paycheck calculations by following these best practices for mid-month contract changes.
