InterAcct Software for Payroll

Payroll Software Highlights:

InterAcct is a full integrated business and accounting system.  Payroll is offered as a standard software module and is therefore part of the system’s integration. Although the Job Costing system has Employee Timesheets to update Work in Progress costing, it is generally run independently of the Payroll system.

In other words, there need be no reconciliation between hours charged to jobs, and the weekly total hours paid to an employee. In most cases, the input of the payroll is based on weekly totals and can be largely automatic based on the previous pay period.

The General Ledger is updated automatically, as are the Annual totals for an Employee. The focus is on speed of data input, accuracy, and simplicity.

Examples 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 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. Can you also define your Pay Point Locations, Work Place Locations, and Award & Work Place Agreements.

For each employee you can input details on their addresses, family & next of kin details, date of birth, and employment commencement. An employee can have multiple bank accounts where they want elements of their pay deposited to (via EFT).

One important aspect is to create a list of the standard pay Items for each class of employee.  This will make the later data input of an employee’s pay much quicker, and less error prone.

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.

For those that have been entering Employee Timesheets for jobs, there may be total hours worked that you can reconcile to.

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 accounting records. The automatic update will show a financial and hourly summary for the employee, and all employees for the pay run. 

You can print Pay Slips by each employee, or for all employees associated with a pay run.

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.

The General Ledger is updated automatically.  Each employee can have separate expense accounts, or you can summarise costs – the choice is yours.

Payment of Payroll can be via all the normal InterAcct methods of EFT, and manual cheques.

You can monitor tax deductions during the year and adjust an employee’s tax rate so as to minimise any future tax credits.