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3.12.1 Payroll Deductions


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Payroll options within Tradepoint supports up an unlimited number of deductions even though most companies will only make use of up to 6-8 at the most at any one given time. There are two pieces of information that have to be set up for Payroll to be successfully processed using Tradepoint.

1. Payroll Deductions within Company Settings
2. Employee compensation and schedule settings within each Employee profile

Within Company Setting under the payroll icon you can create new payroll deductions and edit existing payroll deductions. Creating a new deduction (if you are using payroll for the first time) is doen by adding payroll into the company settings.

Please note: If you have more than one company with Employees that will be on the payroll then the payroll deduction tables must be setup under each company division to process payroll.

Each payroll deduction will have its own set of details on the following screen.

Name: This will display when payroll is run within the payroll tool and on pay stubs.

Employer Account: The payroll account from the GL that the deduction will be taken from.

Employee Account: If there is an Employee account for Employee paid deductions/withholdings (North American based Compnies) then specify this here.

Taxable: Check off this box if this is a taxable deduction.

Tax Credit: If the company receives a tax credit for a deduction then check this option (North American based companies)

Apply Against: Options to apply the withholding rule against one or a combination of payroll rules. A drop down menu is built into this field with options to choose from. When payroll is run the deductions will apply against the specified fields.

Description: A description of the payroll rule and what is applies to.

This section will go over the details for the company settings portion of payroll and establishing deductions and their details.

Note: If your company uses an external payroll company, Tradepoint also generated reports based on hours, salary or salary with commission which can be emailed in several different file formats.

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