Simplify the Budgeting Process

Simplify the Budgeting Process

RDA budget prep module

It is getting to be that time when many of you are beginning to work on your budget for the new fiscal year. Remember, RDA has a Budget Preparation Module to help simplify the budgeting process, allowing you to produce unlimited budgeting scenarios.

If you use Budget Preparation, there is no need to maintain and manipulate multiple spreadsheets. The module allows you to make any adjustments to your budget and immediately see the effects, saving countless hours when developing your budget scenarios. You have the ability to bring in a prior year’s budget as a starting point. From there you can add a percentage increase or decrease to the whole budget or specific funds. You are able to run comparison reports looking at previous years’ budgets and expenses side by side.

The Budget Preparation module also has a payroll component allowing you to run a payroll based upon your new salaries and positions for the upcoming year and import the exact figures into your new budget, including employer paid taxes and benefits. You can make any changes needed for employee jobs, salary rates, deductions changes, and expenditure activity. Once the budget is approved, all changes can be moved into the payroll and financial modules quickly and easily. There is no need to manually change actual salaries to match budgeted salaries.

With the Budget Preparation Payroll component, you can also create contracts via the Contract Writer export file. The file exports specific fields to merge into your organization’s actual contract document. The information is extracted according to the salary information that your new budget is based upon, so the contracts will agree with your budgeted figures.

We encourage you to explore the automated processes that will save you time and headache when preparing your budget for the new fiscal year.  You can contact us at support@rdasystems.com for more information on Budget Preparation to get you started.

“After remembering all those long hours of manual posting – I LOVE RDA BUDGET PREP – the fully integrated system is a huge time saver,  from budgeting to payroll it only takes a few strokes on the keyboard compared to the write it in here, post it there method “

-RDA Budget Prep User

Year End Balancing

Year End Balancing

Year-end featured image RDA

It’s hard to believe, but now is the time to start reviewing your payroll reports and setups to verify that everything is in place for year end.

Reports

We recommend that you run the following balancing reports from Reports > Payroll Tax Reports:

  • Check for Unupdated Deduction Pay Masters: Pinpoints Pay ID’s that have not gone through the Update Payroll History process, which would mean they’d be excluded from 941’s and W-2’s because they haven’t been updated to a Calendar Month or Year
  • Federal/State Earnings Comparison: Identifies employees whose Federal wages don’t equal their State wages, which would normally indicate a problem, unless they had a deduction that sheltered Federal, but not State wages
  • FICA/Medicare Earnings Comparison: Identifies employees whose FICA wages don’t equal their Medicare wages, either because they were exempt from FICA, met the annual FICA gross limit, or have an issue that needs to be addressed
  • FICA Earnings Calculation Report: Determines whether any employees’ FICA is outside the acceptable rounding difference of 6.2% of taxable earnings
  • Deduction Pay Masters/Calendar Comparison: Compares employees’ Deduction Pay Masters (which determine tax liability) to Deduction Calendar Summaries (which project 941 and W-2 taxable wage and tax amounts), and distinguishes differences that are valid (because they were the result of adjustments having been made in the Change Deduction Earnings and/or Amounts process), from discrepancies that require further investigation
  • 941 Tax Liability Report: Shows employees’ Federal, FICA and Medicare earnings, sheltered amounts and liabilities by Pay ID, month and quarter, as well as a total number of employees that has each deduction
  • Consolidated Tax Report: Details employees’ Federal, FICA, Medicare and State earnings, sheltered amounts and taxes for the selected quarter, and provides totals for the year
  • Note that the 941 Tax Liability Report and Consolidated Tax Report should match, unless any adjustments have been entered on the Change Payroll Deduction/Earnings Amounts screen, without the indication to Adjust Gross to the Pay Master .

Documentation

We encourage you to refer to our online document that provides ranging recommendations and review tips to help you balance your tax deductions each payroll, month and quarter.

http://wiki.openrda.com/wiki/index.php/PAYROLL-TAX_DEDUCTION_BALANCING

Please let us know if you have any questions as you prepare for year end. We look forward to helping make your year end experience a smooth one.

TEN LEVEL ANNUAL BUDGET COMPARISON FOR EXPENDITURES

A new report has been created that allows different lengths of the same dimension/component to be included in the sort and totals. Headers must exist in the Chart of Accounts for the description to display. Please see the range screen’s Report Description for more information about the Ten Level Annual Budget Comparison report. This report is similar to the one from Financial Management except it allows four different budget identifications to display for comparison purposes.

Product Date: Wednesday, February 12, 2014

TEN LEVEL ANNUAL BUDGET COMPARISON FOR REVENUE

A new report has been created that allows different lengths of the same dimension/component to be included in the sort and totals. Headers must exist in the Chart of Accounts for the description to display. Please see the range screen’s Report Description for more information about the Ten Level Annual Budget Comparison report. This report is similar to the one from Financial Management except it allows four different budget identifications to display for comparison purposes.

Product Date: Wednesday, February 12, 2014