Learn how to budget for payroll, payroll taxes, and benefits.
The Employee Module allows you to efficiently manage your payroll, accounting for employees that work for more than one department, and will accurately calculate various payroll taxes and apply any limits that they might use.
There are 4 distinct sections:
- Manage Employees - here you will be able to add new employee details, including name, code, hire date, termination date, and which departments they work for.
- Manage Payroll - once your employees are in the system, you can define their compensation, both salaried and hourly (with overtime if required) and allocate that salary to various different departments. You can also choose which HR Formulas apply to each employee.
- Manage HR Formulas - here you can define any payroll tax, bonus, commission, health insurance etc formulas that you might need to apply, using the appropriate rates and limits if necessary (eg payroll taxes) or fixed amounts (eg health insurance). Each may be applied to specific employees from this section.
- Manage Allocation - if you do not have an even monthly distribution of your payroll - eg you use a 4-4-5 spread, pay bi-weekly, allocate according to days or hours worked in a month, or other distribution, you can use the Allocations within Budgyt to overlay that distribution on all payroll related categories.
For more detail on each section, click the link below:
Click here for a video overview.