Fiscal Process
Use this option to clear fiscal payroll data, including yeartodate earnings and deduction/benefit accruals. You must clear this data before running the Payroll Encumbrance option at the beginning of a new year.
Menu Path: Human Resources > Periodic Routines > Year End > Fiscal Process
Effects of Running the Fiscal Process Option
The records affected by the Fiscal Process include:
Earnings by Pay Code File | Resets all fiscal data in the Earnings by Pay Code file to zero. You can view this data beforehand by running the following Detailed Displays option: Earnings by Pay Code . |
Fiscal-to-Date Deductions | Clears all fiscal year-to-date accruals for deductions and benefits in the Employee Deductions Page. |
Employee Payroll File | Resets all fiscal-to-date earnings and taxes to zero in the Employee Information page's Earnings Tab. |
Pay Runs | Deletes the codes assigned to identify pay runs. Purging the codes allows you to re-use them in the new year. If you intend to use new pay run numbers, you may skip this option. |
Position Table | Clears the table's Budget, Actual, and Projected Salary fields. |
Prerequisites
Before using the Fiscal Process option, generate all appropriate annual management reports.
Clearing the past fiscal year's payroll and deduction information
Select Human Resources > Periodic Routines > Year End > Fiscal Process to display the Fiscal Year End Processing page.
In the Additional Criteria section, select the Purge Terminated Pay Rates checkbox to purge terminated pay rates during the fiscal year end processing. Otherwise, leave the field blank.
If the checkbox is selected, the Date To Purge Terminated Pay Rates field will be activated. Enter a date. All terminated rates with an end date prior or equal to this date will be purged.Click OK.
Click Yes in the Confirmation dialog to process fiscal year-end data.
The Fiscal Year End Processing page displays the steps being performed, and a Confirmation dialog that displays when the employee payroll file has been cleared.Click Yes to purge the previously used pay run codes stored in your system. This allows you to re-use the past year's codes in the new year.
Or
Click No to retain the past year's codes. In this case, you can only use new codes to identify pay runs over the course of the year.Click OK in the final Confirmation dialog.