 | As with the other software modules within InterAcct, there is a simple “Getting Started” set up menu. | | For those that have been entering Employee Timesheets for jobs, there may be total hours worked that you can reconcile to. |
| | A lot of the Payroll Classification Tables are already set up. This is where you can create your Payroll Types (eg. Ordinary Pay, Overtime, Allowance, Deductions, Annual Leave, etc.) | | For each employee, the system will base you pay on those Cost Items that you have used previously for an employee. You only need to amend any quantities, and indicate which payroll costs items you wish to use. InterAcct then performs an automatic update of all the records. |
| | For each payroll classification you can define what General Ledger Account will the cost be posted to, whether the item is taxable, has superannuation calculated, leave accrued, and is workers comp related. | | The automatic update will show a financial and hourly summary for the employee, and all employees for the pay run. |
| | Can you also define your Pay Point Locations, Work Place Locations, and Award & Work Place Agreements. | | You can print Pay Slips by each employee, or for all employees associated with a pay run. |
| | The next step in the set up process is to create your Employee Database. See an example on the next page. | | The employee’s database is also updated - both in details as a Payroll Ledger, and Fiscal Summaries. Leave & RDO entitlements are updated. There is a full audit trail. |
| | For each employee you can input details on their addresses, family & next of kin details, date of birth, and employment commencement. | | The General Ledger is updated automatically. Each employee can have separate expense accounts, or you can summarise costs – the choice is yours. |
| | An employee can have multiple bank accounts where they want elements of their pay deposited to (via EFT). | | Payment of Payroll can be via all the normal InterAcct methods of EFT, and manual cheques. |
| | One important aspect is to create a list of the standard pay Items for each class of employee (see an example on Page 1). This will make the later data input of an employee’s pay much quicker, and less error prone. | | There is no need to annually download new Tax Scales. You simply assess what you believe an employee will earn for the year, and then define their correct tax rate for this income. |
| | The next step would normally be to input the Opening Balances for each employee. This would include their pay items for the fiscal year to date (Cut-Off point), and their pay entitlements (Leave, etc.) as of the start date. | | You can than monitor tax deductions during the financial year and (if necessary) adjust an employee’s tax rate so as to minimise any future tax credits. |
| | So now you are ready to start using your Payroll system – to complete a Pay Run for a period (eg. Week). | | |
