Payroll Terminology#
[A]#
- Allocation
- A means to determine benefit costs (employer contributions/portions). This can be done through one of two methods, either ‘Burden’ or ‘Fringe’.
[B]#
- Burden
- Refers to estimate percentages (e.g. 10% or 20%) for the ‘fringe’ costs against labor costs. If an interface file is to be created then the G/L file format must be defined in the Interface Formats (IDIF) form.
[C]#
- Calendars
- Schedules that define the periods of time, needed to plan and manage human resource activities such as monthly benefits administration, as well as financial information such as general ledger periods.
[D]#
No Terminology
[E]#
No Terminology
[F]#
- Fair Labor Standards Act (FLSA)
- Establishes a federal minimum hourly wage that requires the payment of overtime compensation at one-and-half times an employee’s “regular rate” for all hours worked in excess of 40 per week.
- Fringe Allocation
- Refers to the process of splitting ‘fringe’ costs (e.g. payroll employer tax and/or benefit expenses) to the cost centers in the same proportion that the earnings or time are being expensed.
[G]#
- G/L Accounts
- Short names or abbreviations that point to a more detailed account or account mask.
- General Ledger Company
- The entity legally responsible for the accounting of the organization and that reports the organization in its general ledger and accounting journals.
[H]#
No Terminology
[I]#
No Terminology
[J]#
No Terminology
[K]#
No Terminology
[L]#
- Labor G/L
- See Pre Payroll Distribution
- Load Pay Lines
- The function that provides a means to import transactions into the system via an external data source.
[M]#
No Terminology
[N]#
No Terminology
[O]#
No Terminology
[P]#
- Pay Components
- Any identifiable components of a pay, or any item that needs to be stored or totaled.
- Pay Disbursement Process
- Takes the results of one or more pay runs and creates the necessary tables that will be used in the check/deposit form printing, direct deposit interface file creation, processes, and related reporting.
- Pay Lines
- Individual pay transactions of a pay header.
- Post Payroll Distribution
- The costing of employee earnings, employee deductions, employer contributions, and employee net pays that have been calculated, and approved, for a pay run or several pay runs. (AKA - A Payroll G/L)
- Posting Date Method
- Controls the accounting period to which general ledger entries are to be attributed, and by default, entries for a pay period are allocated based on the type of payment
- Pre Payroll Distribution
- Used if it is necessary to account for labor costs prior to the processing of the payroll cycle, perhaps on a daily or weekly basis, and is usually needed to support a separate costing system or Wiki’s Financial Cost Control application. (AKA Labor G/L)
[Q]#
No Terminology
[R]#
No Terminology
[S]#
No Terminology
[T]#
No Terminology
[U]#
No Terminology
[V]#
No Terminology
[W]#
- Worker’s Compensation Authority
- Collects money based on the payrolls of the employers in each state/province, the money collected goes into an ‘Accident Fund’, WC then pays compensation costs out from this fund.
[X]#
No Terminology
[Y]#
No Terminology
[Z]#
No Terminology
