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We are looking at the ability to create a future payroll accrual, created in the general ledger and posted at the end of the month, based on the last completed pay period in the system, to move the month end period close process quicker.
Use Case Example: Our current payroll is set up on a biweekly basis. Our last full pay period for Jan ended on 1/23. The remainder of Jan payroll does not post to the general ledger until the next pay period (2/6) is processed. We presently use the accrual percentage option during payroll processing to accrue amounts from 1/24 thru 1/31 from the 2/6 pay period when that payroll is processed in mid-February.
We are looking to see if there are any existing system capabilities that would generate a month end accrual, based on the remainder of a month in the scenario above, where an accrual for payroll amounts 1/24- thru 1/31 could be done based on the total of the 1/23 pay period, and therefore not having to wait until the 2/6 pay period has been processed to close January.