Employee Pay Methods

Pay Methods are necessary only if payroll is being processed in TimeTrex and requires employee banking information. At least one pay method must be set up, but employees can have multiple pay methods assigned to define the type and distribution of payments, such as a fixed amount or a percentage of the total.

For example, if an employee wishes to have 25% of his pay deposited into his savings account and 75% into his checking account create two pay methods, one for the 25% payment and one for the 75% payment.

To add a New pay method, click Employee, then click Pay Methods in the main menu.

• Click New in the button bar.
• An inset page will appear with the tab, Pay Methods. Complete the fields.
• Click Save or click Cancel to discard the changes.

 

Pay Methods Tab FIELD DESCRIPTION Employee The employee this pay method is for. Status Select a pay method status. STATUS DESCRIPTION Enabled Active. Disabled Not active. Type The form of payment. TYPE DESCRIPTION Check A paper check which is printed and then mailed or hand delivered to the employee. EFT/ACH (Direct Deposit) EFT - Electronic Funds Transfer for bank account(s) in Canada. ACH - Automatic Clearing House transfers for bank account(s) in the United States. Remittance Source Account The company's bank account or the source of this payment. Priority The priority of this pay method compared to any other pay methods for this employee. Fixed amounts will always be chosen first over percent amounts, with Priority 1 being first and 10 being last. Percent amounts will then be calculated, again with Priority 1 being first. Once the total payment is distributed, any remaining pay methods will be ignored. Amount Type The method of determining this payment. STATUS DESCRIPTION Percent of Net Pay The payment is calculated by a percentage of the total net pay on the pay stub. Percent of Amount Remaining The remaining amount of net pay after prior payment methods have been applied. Fixed Amount The payment is a set or fixed amount of the total net pay on the pay stub. Percent / Amount The portion of the net pay on the pay stub depending on the Amount Type selected. Regardless of the amount or percent entered across all pay methods, the total will never exceed the net pay on the pay stub. PERCENT/AMOUNT DESCRIPTION Percent If amount type is Percent, enter the specific percentage for this payment. Amount If the amount type is Fixed Amount, enter an exact dollar amount for this payment. Account Type, Routing, and Account (USD) These fields are required if the Type Is EFT/ACH and Remittance Source Account is a United States dollar (USD) account. Enter the employee's Account Type, Routing and Bank Account numbers for this pay method. Institution, Bank Transit and Account (CAD)  These fields are required if the Type is EFT/ACH and Remittance Source Account is a Canadian dollar (CAD) account. Enter the employee's Institution, Bank Transit and Bank Account numbers for this pay method.