Payroll posting should be done on the pay period ending date not on the date that the employees are paid. Since this software posts the software on the date the employees are paid, I am manually having to accrued for up to 12 days of payroll. This means that the monthly reporting for jobs is missing almost two weeks of payroll if the reports are not run exactly perfect. This is very archaic.
by: Brenda L. | over a year ago | Payroll
Comments
Yes, it needs allow for an accrual option when posting payroll. Ability to accrue X days or percentage back to a specified date. I need this for the end of the fiscal year. Currently we have to manually do this as well and it's very time consuming to do. Currently we have to run two different payrolls. One for the dates in the prior year, and one for the dates in the new year. The payroll is posted to the current year date, but the prior year dates have to be accrued. We'll post the prior year accrue dates to the prior period, but then manual entries are completed to record the accrual.
My CPA is also asking about the accrued payroll. I would think that if this is standard accounting practice that SAGE needs to get updated to perform this function.
SAGE is completely out of touch regarding GAAP. The problem is they have software engineers deciding what the program should do. They need accountants with a clear understanding of GAAP. I have been using Sage100, previously Master Builder for over 15 years and they just don't seem to care.
People! You have a choice whether you post it as of pay period or check date, its up to you. 5-2-6-Options.
But your federal and state taxes are based on check date.