We currently use an outsourced company to care of our taxes and paystubs. I am planning on using TT for Time Mgt, Timesheets, & PTO. The problem that i am running into is incorrect wage reporting. Our company pays our employees bi-monthly (1 - 15, 16 - last day) on a fixed average of 86.67 hours per pay period. I cannot seem to get the gross earnings to line up. Here is an example of an employee.
Employee: JW
Salary: $50,000/year - Non Exempt
In employee admin, he is set up as "Salary Annual", Avg/Hr per week is 40, this makes his annual hourly $23.95.
I understand that the annual hourly only comes into play when calculating overtime, however we get a different hourly. If he is $50k per year and we pay bi-monthly, thats $2083.33 per pay period or $24.04 per hour. I believe this may be why when i produce wage reports on individuals, thier regular time and OT is incorrect. If the period is from 10/1 - 10/15, the empoyee has technically worked 11 business days. Here is the outputted wage summary.
# Full Name Gross Wage Paid Time Regular Time Regular Time
1 JW 2107.60 88:00 88:00 2107.60
On a testbed computer, i am using the most recent windows install that i downloaded last wed. We will plan to move to linux if i can get TT working correctly for our organization.
Time / Wage not displaying correctly
It appears as though your other software isn't calculating the hourly wage very accurately.
$50,000 / 52 weeks / 40hrs per week = $24.04
OR
52 weeks * 40hrs per week = 2080hrs per year * 24.04 = $50,003.20
That would be correct if there are really 52 weeks in a year.
But according to Google (http://www.google.ca/search?q=weeks+in+year), there is actually 52.177457 weeks in a year, and this can vary year to year.
So really it would probably work out closer to:
52.2 weeks * 40hrs per week = 2088hrs per year * 24.04 = $50,195.52
Where as with TimeTrex:
$50,000 / 52.2 weeks / 40hrs per week = $23.946 (23.95)
OR
52.2 weeks * 40hrs per week = 2088hrs per year * 23.946 (23.95) = 49,999.25 ($50,007.60)
So if you based it off an hourly wage, instead of being $195.52 off by the end of the year, TimeTrex will be between -0.75 and 7.60. Lets say you're company had 100 employees, you would be looking at a difference of $19,552(!!) vs. $760.
The fact of the matter though is that hourly calculations are an estimation at best with salaried employees. When you are using TimeTrex for payroll it will actually pay employees based on: 50,000 / 24 pay periods = 2083.33 regardless of how many hours they work, unless its told to take into account overtime/undertime.
If you are using the Wages Payable Summary report though, all it does is a strict hours * hourly_rate calculation and should only be used as a basic estimation, especially for salaried employees. If you aren't using TimeTrex for payroll and therefore not generating pay stubs, it doesn't have all the information it needs to produce reports that will have any chance of matching reports from your payroll company.
At the end of the year though, the Wages Payable Summary report will be much more accurate using $23.95/hr instead of $24.04/hr.
$50,000 / 52 weeks / 40hrs per week = $24.04
OR
52 weeks * 40hrs per week = 2080hrs per year * 24.04 = $50,003.20
That would be correct if there are really 52 weeks in a year.
But according to Google (http://www.google.ca/search?q=weeks+in+year), there is actually 52.177457 weeks in a year, and this can vary year to year.
So really it would probably work out closer to:
52.2 weeks * 40hrs per week = 2088hrs per year * 24.04 = $50,195.52
Where as with TimeTrex:
$50,000 / 52.2 weeks / 40hrs per week = $23.946 (23.95)
OR
52.2 weeks * 40hrs per week = 2088hrs per year * 23.946 (23.95) = 49,999.25 ($50,007.60)
So if you based it off an hourly wage, instead of being $195.52 off by the end of the year, TimeTrex will be between -0.75 and 7.60. Lets say you're company had 100 employees, you would be looking at a difference of $19,552(!!) vs. $760.
The fact of the matter though is that hourly calculations are an estimation at best with salaried employees. When you are using TimeTrex for payroll it will actually pay employees based on: 50,000 / 24 pay periods = 2083.33 regardless of how many hours they work, unless its told to take into account overtime/undertime.
If you are using the Wages Payable Summary report though, all it does is a strict hours * hourly_rate calculation and should only be used as a basic estimation, especially for salaried employees. If you aren't using TimeTrex for payroll and therefore not generating pay stubs, it doesn't have all the information it needs to produce reports that will have any chance of matching reports from your payroll company.
At the end of the year though, the Wages Payable Summary report will be much more accurate using $23.95/hr instead of $24.04/hr.