Payroll's function is to ensure that all employees of the college are paid accurately and on time. Additionally, wages ensures that taxes on the various types of deductions and benefits are paid to the correct governmental agencies on a timely basis.
The term payroll has several different parts:
Payroll process also includes record keeping. A separate record must be kept for each employee, showing amounts paid for each pay period, for end-of-year reports. Records must also be kept of employee authorizations and any changes in pay.
Wages calculations for an individual employee over time are called an earnings record. In addition to the earnings record, all documents related to that employee's pay, deductions, and withholdings must be kept during the person's employment.
If this all sounds complicated, it is. That's why there is a need for salary management software. Next School Choice provides advanced featured modules thats make the whole allowance process easier.