Top Features of the WorkdayAnalysisIn-DepthofPayrollTraining www.erpcloudtraining.com
Setting up payroll requirements according to the specifications of customers is an important part of the Workday Payroll Training program. As a Workday consultant, you need to be aware of the existing features in the payroll module of Workday and know how to perform earnings and deductions in the calculation engine, set up payroll whilst establishing roles and configuring security for the same. Though the basics of payroll accounting and setup are covered in Workday HCM, one needs to undergo the Workday Payroll training program separately to understand all the relevant concepts thoroughly and practice as required. Institutes like ERP Cloud Training provide additional coverage of concepts in Workday HCM and Finance in the instructor-led live training pertaining to this course.
Introduction to Workday Payroll Training
The payroll process workflow consists of input worker data, calculation of payroll, reviewing results, completing payroll, and the settlement of payroll. These elements are an essential part of the processing framework and they need to be configured before running regular payrolls in the system.
The period schedule relates to the ‘when’ aspect of the process. It constitutes the frequency of processing, start and end dates of the period, payment dates and the forwarding of accruals.
Workday Payroll Training Process Workflow: An Overview
Workday Calculation Engine and setting up of the Workday Payroll Processing Framework
Workday calculation engine is known as the foundation of Workday payroll training which provides elements for defining payroll calculations, business logic as well as rules governing such calculations. There are four categories of calculations in this engine inclusive of calculations that return numeric values, calculations that return date values, calculations that return Boolean value and specific payroll calculations.
Earnings, Deductions, and Net Pay Validations
Earnings and deductions help in performing complex payroll calculations. There are one-time earnings which may have or have not been set up by the compensation side and recurring earnings which are inclusive of base pay, allowances, benefits and the like. Prerequisites in earnings include the setting up of compensation, benefit plans, time-off plans, calculation tags and the setting up of tenant to support multiple jobs. Deduction prerequisites include setting up payroll, benefit plans and the configuration of tenant. The terms ‘earnings’ and ‘deductions’ are referred to as ‘pay components’ in Workday.
Setting up Federal, State, and Local Tax Reporting and withholding orders
Workday provides and maintains information on default federal, state and local tax data. There are several steps in the setting up of taxes including setting up the company’s federal tax ID, reviewing the pay component groups, setting up federal taxes, state taxes and local taxes and entering worker-specific data to manage wage tax components. The prerequisites for tax reporting consist of worker company assignments, worker personal data and the verification of the personal as well as resident states. The Workday delivered tax data is to be used for setting up of the various taxes. When an employee lives in one state and works in another, Workday checks for valid reciprocity agreements between the states. There is also an option to represent multiple work tax jurisdictions for reporting in Workday.
To set up time to payroll, the time should be tracked using Workday Time Tracking and such pay should be calculated relevant to the number of hours. The data retrieval elements involved are approved time sheet for earnings of sub period, approved time sheet for hours of earnings and time calculation tags. You can also run the retro pay calculation process before running payroll to include time outside the defined time period. All the corrections to time need to be approved before running the retro calculation process. Once you have reviewed the mapping of calculation tags, you can proceed to set up payroll accounting.
Setting up Payroll time, accounting, banking, and settlement
Workday’s object management system has set up configurable security roles in Workday to access the application data. The security administrator can grant passwords to access applications, compensation partners can set up compensation roles, and provide access for viewing compensation data. Security groups also help in adding tasks and groups to business processes. There are various types of security groups classified as user-based, job-based, role-based, location-based, etc.
Setting up roles, security, and business processes
Payroll input processing, off cycle processing and reporting
Using payroll input processing, changes can be made in the current on or off cycle payrolls. The payee data is entered into Workday with the help of payroll input processing to generate accounting, reports and aid in the processing of payments. The process comprises of payroll input, running retro pay, running payroll calculations, reviewing accounting results, completion of run pay, settlement of payments, and tax integration and garnishments.
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