- Knowledge Base Categories:
- School Accounting System
- Payroll
Training Tidbit: Do you know the Balancing Information option in Payroll should be completed with each payroll check cycle?
The Balancing Information option, which can be accessed from under the Check Cycle or Options menu on the Payroll screen, completes the calculation of the formulas for taxes used to balance W2s. SUI recommends completing the Balancing Information option with each payroll check cycle throughout the year to ensure the formulas balance for W2s at the end of the calendar year.
When first using the Balancing Information option, the appropriate categories for the deductions to include must be specified, along with selecting the applicable pay codes and pay groups to include in the calculations. After the pay group, deduction, and pay code specifications are defined, the system will retain the selections each time the option is accessed.
The formulas computed and displayed within the Balancing Information option include the Gross Earnings, FIT Gross, SIT Gross, Medicare Gross, Social Security Gross, and FIT/Medicare Gross Comparison. If a formula has a variance (does not balance between what is calculated and the actual amount), the employees causing the variances can be viewed so that the necessary corrections can be made.
Refer to the Balancing Information topic in the Help File for detailed instructions on using the Balancing Information option.