TIP: You may have noticed as you were going through the cycle that each menu item is getting checked off. This helps you keep track of what you have/have not done. There are times that if corrections have been made that a box that was once checked will no longer be checked. This is a reminder that you may need to go back and redo that section. For example, if you have run your Payroll Review reports but then went back and made changes to the Enter Pay Summary screen, then you would need to go back and re-run your reports.
After the checks have been printed successfully and you have run the Payroll register, it’s time to update the G/L amounts and merge the Payroll information to the history file. The Update/Post Payroll Cycle option will:
•Create a backup of the company. This is used as a safety net in case anything goes wrong during posting, or if something needs to be undone that cannot be fixed any other way.
oThe destination is set in Advanced Options > Other Options tab > Cycle Update/Post Options.
oThere is not an "unupdate" option in payroll, without a good data backup, you will be required to void all checks in the cycle in order to redo the cycle or correct mistakes.
•Update the YTD amounts on the employee master.
oNote: If historical reports are ever re-printed, the YTD information will include the info just posted. It is a true YTD – not the YTD as of that historical report.
•Add the checks to the Bank Reconciliation file.
•See Direct Deposit/Sending the ACH File to the Bank for information about sending a direct deposit ACH file to the bank.
IMPORTANT NOTES:
•Once the update function has finished, you will not be able to go back and print reports on the Payroll Cycle menu. The update function moves information about that Payroll into the history file. After the update, other reports are available from the Reporting Menus.
•Payroll will hold its own history in tables separate from the General Ledger. This means that any changes to the General Ledger will NOT affect the Payroll system. All Payroll reports will pull from the Payroll tables, not the General Ledger. See Correcting Payroll Cycles.
•Reports printed from the Historical Reporting Menu will not include the current payroll until it has been updated. Also, the update must be done to have the ability to print Third Party Checks.
Optional Next Steps: