Option to Change The Company Year End

Use this forum to discuss desired new features for TimeTrex
Locked
trapper120
Posts: 2
Joined: Tue Oct 23, 2007 8:21 am

Option to Change The Company Year End

Post by trapper120 » Tue Oct 23, 2007 8:29 am

Currently when a paystub is created, the Year To Date is hard coded to January 1st.

Are we the only company that does not have a year end of January 1st?

Our year end is March 31st.

Please add an option to under Admin Company Payroll to include Year End.

The problem for us is that our company sometimes provides large payroll advances that are deducted from the employees timesheets.. sometimes over the entire fiscal year. The paystub generated by TimeTrex shows how much was deducted, and also a total deducted under YTD. When January 1st rolls around, that employees year to date is reset to $0.00

The ability set our own year end in timetrex would be very cool. 8)

shaunw
Posts: 7360
Joined: Tue Sep 19, 2006 2:22 pm

Post by shaunw » Tue Oct 23, 2007 9:37 am

The company fiscal year and the personal income tax year (which the current YTD values are based one) are often two completely different things.

We will eventually add this feature, but I don't think it will do what you really want.
The problem for us is that our company sometimes provides large payroll advances that are deducted from the employees timesheets.. sometimes over the entire fiscal year. The paystub generated by TimeTrex shows how much was deducted, and also a total deducted under YTD. When January 1st rolls around, that employees year to date is reset to $0.00
How are you deducting this large advance?

YTD values for accrual pay stub accounts don't get reset ever, so if you add this large advance to an accrual account, then deduct a few hundred dollars/month from it, it allows you to easily keep track of the balance owing without it getting reset at the end of the calendar year. The amount deducted will get reset which helps for the employees tax purposes, but not the overall accrual balance.

We are planning to add a feature that will automatically pay out, or add to an accrual account until the accrual reaches a specified balance, such as $0 or $1000. This should help you further in handling large advances/loans.

trapper120
Posts: 2
Joined: Tue Oct 23, 2007 8:21 am

YTD and Advances

Post by trapper120 » Tue Oct 23, 2007 10:36 am

Thanks.
I have not actually had a problem yet, I am only trying to find a solution before it happens.

I will wait and see how timetrex reacts after Jan 1st.

I am not in Finance, I am IT guys here.. SO all this is finance stuff is kind of confusing to me. :oops:

relbud
Posts: 7
Joined: Tue Nov 18, 2008 4:05 am

Re: Option to Change The Company Year End

Post by relbud » Wed Feb 08, 2012 6:26 pm

Hi,

I see this thread is really old, but I really would like to change the financial year to run from July to June as is customary in Australia.

Is there any way to do this without changing code?

Cheers,
Ariel

Locked