Once payroll has been calculated, Buddy recommends checking and reconciling with the values you were intended to include in the payroll. Ensuring that the payroll has been calculated as expected and the correct amounts are going to be paid.
Concluding Payroll
In order to conclude payroll, you must first calculate all the employees correctly and have checked that this is the amount that they need to be paid through any Timesheets, base hours, Overtime or any other allowances and adjustments.
Once the payslips have been all calculated, you can then scroll to the very bottom and click on 'Continue to Summary'
Once this has been picked, you will see the below screenshot.
Here you can see two pie charts, the first one on the left shows the amount in Gross per Department, while on the other side it breaks down the amount being paid based on Net, SSC, Maternity and FSS totalling the gross.
Checking the values through Payroll Reports
Once you have concluded payroll, Buddy will swiftly and automatically generate all the necessary reports for you such as The Payroll Reports, FS5, Payslips, and Salary Files.
Downloading the Payroll Report and reconciling it with the values you expect to pay the employees is a necessary practice to ensure that your payroll is Calculated and Finalised correctly each time.
Detailed Reports
Moreover, you can download excel version of reports for more tailored breakdown (See: Generating and Downloading Buddy Reports)
You can check the totals of each pay item, such as overtime hours or performance bonuses. By cross-checking these items, you can validate these to better accuracy
Outliers and Variances
Generally, one can identify any abnormalities by looking at outliers, such as the employees with the highest or smallest amounts.
Another strategy would be to look at variance reports, which compares values between one payroll and the next. By flagging any payslips with significant variances, payroll managers can identify any unexpected processes within that payroll.
Payment Files
Through Payroll History you will be able to find the download buttons for the SEPA File, Payroll Bank + Net Report and Cheque Report.
SEPA File
When downloading the SEPA file, ensure to insert the correct Pay Date.
Before sending this file to the Bank, make sure to download Bank Report and ensure that employees that need to be paid through Bank Transfer are included in the report.
In addition, check out the Cheque Report to identify the employees that do not have any valid bank method selected.
FS5
The FS5 needs to be submitted to the MTCA each month to submit the Monthly Tax payments for both the employer and employee. This can be downloaded after concluding payroll or from the Payroll History.
Make sure to check that the FS5 matches with the values of the Payroll report and is showing as expected.
Payslips
Apart from the salary, the Payslips are the most integral and sensitive part of running payroll and since these are sent directly to the employees it is of utmost importance that they are correct from the get go in order to reduce the number of queries from your employees.
Therefore Make sure to view each payslip and confirm the details are showing correctly. Certain Points which are important would be the Leave, Net, deductions and Leave Balance.