Payroll for Employees
The Human Resources module houses the employee master file and enables gross to net payroll calculation after establishing earning codes and deduction codes specific to your operation. The employee master file holds employee demographic data, employee specific earning and deduction codes, sick/vacation tracking, wage and salary history, education and training accomplishments, injury data, user specified attributes, and general comments. All data in the Human Resources module is annualized so that a change of pay frequency of an employee does not affect all amounts.
Different earning types might include regular, overtime, bonus, salary, sick, vacation, or as specified by you. Deduction codes might include federal withholding, federal unemployment, state withholding, state unemployment, FICA, Medicare, deferred compensation (401k), and pension, as well as insurance, union dues, or section 125 cafeteria plan. Employer liabilities such as FICA and Medicare can also be tracked.
The payroll process begins by entering time worked and any special earnings or deductions for the pay period into time cards. If an employee is salaried, the salary can be entered into the employee master file and a time card is not required. You may elect to utilize the MasterTools Time and Attendance module, which automatically collects employee time in and out transactions which are then imported into time cards. Time cards can also be imported from a third party time and attendance package. Time card transactions can also be created automatically for earning codes, such as holidays where the hours are the same for many or all employees. Overtime can automatically be calculated when an employee exceeds the maximum number of regular hours.
Following time card entry, a check preview is created for the specified pay frequency showing each employee’s earnings, deductions, net pay and exceptions (if net pay is calculated to be zero or negative). Special pay examples are bonuses, one-time pay, or termination of pay. From the preview, checks can be printed including laser checks where MICR-numbers are printed using your defined payroll check format.
- Automated general ledger accrual
- Direct deposits to multiple bank accounts
- Tracking sick and vacation actual time versus earned time
- Quarter/Annual Summary
- Federal 940 and 941
- Quarterly State Unemployment
- W2 Forms and Magnetic Media
- Sick/Vacation Summary
- Earning and Deduction Register