The Employee Savings program allows you to deduct money from an employee’s paychecks and to track the totals. The money is deducted after taxes, so it is not taxed when the employee gets the money back. A detailed history of all transactions is displayed.

You may not withdraw a Savings amount to an Employee (i.e. give the employee their money from savings) through the Payroll Program. The Employee Savings Program is used to take the Savings from the Employee's Payroll. If an amount is added to the payroll check, it is added to the employee's earnings, thus added to the taxable amount. The Savings withdrawal should be taken out as a Voucher in “Voucher Entry” in ACCOUNTS PAYABLE (7.1.1). After writing the Employee a check, be sure to record the withdrawal in the Savings Program to downcount the Savings Balance.

The Start Date is the date the first savings amount will be withheld. If this field is left blank, the savings deduction will be effective immediately.

The End Date is the date the last savings amount will be withheld. If this field is left blank, the savings deduction will not stop.The Savings Amount is the amount to be withheld per Saving Frequency.

The Valid Savings Frequencies are:  D = Daily, W = Weekly, B = Biweekly, S = Semi-Monthly, M = Monthly. The GL Account is the General Ledger Liability Account for the company. The description will automatically be displayed. You may enter a freeform comment for your own reference.

The History on the Savings Account will be displayed.

As noted earlier, the withdrawal from savings cannot be taken at Payroll.  The check should be written as a Voucher in “Voucher Entry” in ACCOUNTS PAYABLE (7.1.1). Once the check is written, you need to record the transaction in Payroll to down count the available money.

                       

When a withdrawal is taken, the balance will be changed to reflect the withdrawal. The withdrawal information will be added to the Payroll Savings History information. At the "Enter Selection" prompt, type a <W> and press <ENTER>. You will then enter the check number, the withdrawal date and the withdrawal amount. If the Withdrawal Amount is greater than the Balance you will see the prompt:  "Amount is greater than Balance. Enter <C> to continue with the withdrawal". To continue with the Withdrawal, enter a <C> and press <Enter>. The Balance will now show a negative amount. You must Save the session if a Withdrawal has been made, even if the Withdrawal has been Saved.