Accounting Period vs. Pay Period

Yahoo Archive
1
We pay weekly so this is an every month issue for us..........we capture WIP
after all pay adjustments are made-usually about a week after month end.

Deb Wilmoth
Controller
Reeder & Kline Machine Company, Inc.
Vantage 5.0


-----Original Message-----
From: pzieve [mailto:peterz@...]
Sent: Thursday, May 29, 2003 1:53 PM
To: vantage@yahoogroups.com
Subject: [Vantage] Re: Accounting Period vs. Pay Period


After the capture, the timecards are frozen. So when do you do the
capture in a split month: when the month is over or when the pay
period is over?

Yes, we are using Data Collection but usually just for machinists and
welders. But all employees, hourly and salaried, enter their hours to
a job or indirect in Vantage. The pay rates are open to everyone --
that's our culture dictated by the president. We also run a custom
program to compute hourly overtime, unpaid salaried overtime, and
bonuses and spread it back to the Vantage job or indirect as well as
into ADP for the payroll checks. This way, Vantage contains the true
payroll costs on all jobs.



[Non-text portions of this message have been removed]
2
How do you reconcile the Capture WIP/COS activity with payroll
periods that don't coincide with the accounting period?

We currently have a bi-weekly payroll with 12 calendar-month
accounting periods. So, many times we have a split month where part
of the pay period is in one month while the rest is in another.

It seems to me a 13 4-week period year would be an ideal way to make
the two coincide. A 4-4-5-week period could also work for a weekly
payroll. We're not live in Vantage yet so want to make the best
choice. What are the disadvantages of these two scenarios?
3
Reconcile what the labor in WIP to payroll paid? Are you using data
collection? Are you planning on using actual payroll dollars for your
labor? Many questions here.

We do not use actual labor costs for WIP.....don't want that info to be seen
in trackers for one reason. So, therefore we don't reconcile payroll to
WIP.

Deb Wilmoth
Controller
Reeder & Kline Machine Company, Inc.
Vantage 5.0


-----Original Message-----
From: pzieve [mailto:peterz@...]
Sent: Wednesday, May 28, 2003 3:03 PM
To: vantage@yahoogroups.com
Subject: [Vantage] Accounting Period vs. Pay Period


How do you reconcile the Capture WIP/COS activity with payroll
periods that don't coincide with the accounting period?

We currently have a bi-weekly payroll with 12 calendar-month
accounting periods. So, many times we have a split month where part
of the pay period is in one month while the rest is in another.

It seems to me a 13 4-week period year would be an ideal way to make
the two coincide. A 4-4-5-week period could also work for a weekly
payroll. We're not live in Vantage yet so want to make the best
choice. What are the disadvantages of these two scenarios?




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[Non-text portions of this message have been removed]
4
After the capture, the timecards are frozen. So when do you do the
capture in a split month: when the month is over or when the pay
period is over?

Yes, we are using Data Collection but usually just for machinists and
welders. But all employees, hourly and salaried, enter their hours to
a job or indirect in Vantage. The pay rates are open to everyone --
that's our culture dictated by the president. We also run a custom
program to compute hourly overtime, unpaid salaried overtime, and
bonuses and spread it back to the Vantage job or indirect as well as
into ADP for the payroll checks. This way, Vantage contains the true
payroll costs on all jobs.

--- In vantage@yahoogroups.com, "Wilmoth, Deb" <Deb@r...> wrote:
> Reconcile what the labor in WIP to payroll paid? Are you using data
> collection? Are you planning on using actual payroll dollars for
your
> labor? Many questions here.
>
> We do not use actual labor costs for WIP.....don't want that info
to be seen
> in trackers for one reason. So, therefore we don't reconcile
payroll to
> WIP.
>
> Deb Wilmoth
> Controller
> Reeder & Kline Machine Company, Inc.
> Vantage 5.0
>
>
> -----Original Message-----
> From: pzieve [mailto:peterz@e...]
> Sent: Wednesday, May 28, 2003 3:03 PM
> To: vantage@yahoogroups.com
> Subject: [Vantage] Accounting Period vs. Pay Period
>
>
> How do you reconcile the Capture WIP/COS activity with payroll
> periods that don't coincide with the accounting period?
>
> We currently have a bi-weekly payroll with 12 calendar-month
> accounting periods. So, many times we have a split month where part
> of the pay period is in one month while the rest is in another.
>
> It seems to me a 13 4-week period year would be an ideal way to
make
> the two coincide. A 4-4-5-week period could also work for a weekly
> payroll. We're not live in Vantage yet so want to make the best
> choice. What are the disadvantages of these two scenarios?