Storage Bank Payout Distributions

The Storage Bank Payout Distribution process allows a means of paying out the accumulated earnings storage bank balances over a multiple of payments. This process was developed to payout the accumulated interest and savings earning storage banks balances. The intent is to define all payments and have this process generate all timesheets and/or variable deduction entries as one step. The interest earnings are defined to be paid out under a pay code, as these earnings must be reported on the T4. The pre-taxed savings may be defined to be paid out under either a deduction code or a pay code. It is recommended you use the same deduction code as used to accumulate the employee's savings; thus, these negative earnings will zero both the deduction and the saving storage bank once all payments are complete. Payment by a negative deduction amount of earnings that was already paid out also avoids the confusion of misleading YTD total earnings.

This process is intended as a one step process although the process may be run for interest and savings separately as well as one or multiple pay periods, as needed.

It is recommended that you generate the July and August payments as special pay runs attached to the June pay period once the June payroll is finalized. Paying the summer payments as part of the June pay period eliminates the problems with employees not in cycle for the summer, the income tax calculated on the interest as well as the CPP exemption for the interest payment. To facilitate the generation of multiple special pay period runs for June all at one time, the Batch Suspension Process would be used to freeze the secondary payment batches. Each batch would then be unsuspended as each special pay period was run and updated until all special pay runs were processed.

The bank transfer files would then be ready and available as needed on the payment date.

This process includes the option to maintain multiple sets of stored prompts.

Name the prompt sets by defining a title up to 10 characters, with a 30-character description.

On the first prompt click the Report Defaults icon to select an existing set of prompt values. You can delete prompt sets or change the description from the Report Default icon.

NOTE: This option is forced to batch.

Enter Storage Bank Codes for Interest Payout

Enter the storage banks that contain the interest to be paid out. This storage bank may be left empty when no interest is to be paid out.

When an Interest Storage Bank Was Defined:

Enter Pay Code for Interest Pay Out

• Enter the pay code to be used for paying out the interest. This pay code must be defined as a money only pay code as well as defined to withdrawal from the interest storage bank defined above. The interest earnings must be defined to be paid out as a pay code to allow proper T4 reporting of these earnings.

Enter Storage Bank Codes for Savings Payout

• Enter the storage banks that contain the savings to be paid out. This storage bank may be left empty when no savings is to be paid out.

When a Savings Storage Bank Was Defined:

Payout Savings by Pay Code or Deduction Code

• Enter 'D' to indicate the savings will be paid out as a negative deduction amount.
• Enter 'P' to indicate the savings will be paid out under a pay code.

When Payout by Deduction Was Defined:

Enter Deduction Code for Savings Pay Out

• Enter the deduction code for payment of the accumulated savings storage bank. This deduction should be the same deduction used to feed the savings storage bank so when the payouts are complete the deduction YTD balance will be zero as well as feeding the negative amount into the savings storage bank also zeroing the storage bank balance.

When Payout by Pay Code Was Defined:

Enter Pay Code for Savings Pay Out

• Enter the pay code to be used for paying out the accumulated savings storage bank. This pay code must be defined as a money only pay code as well as defined to withdrawal from the savings storage bank defined above. Remember to exclude this pay code on your T4 Parameters.

Define Payments

• Enter one or multiple Pay periods to define the number of payout payments to be made. For each pay period define the timesheet / variable deduction entry date to be used for that pay period. The storage bank balance divided by the number of payments define will determine the payment for each pay period, except when only one (1) payment period is defined.

When a Single (1) Payment Period Was Defined:

Enter Percentage to Payout

When you define only one payment period you are prompted to define the percentage of the storage bank balance to be paid out. This feature allows you to run this payout process multiple times while controlling the percentage of storage bank balance to payout each time.

When 1.0 is defined, the remaining storage bank balance will be paid out.

Enter Override Occupation Code

Leave this prompt blank when an override occupation code is not required.

• Enter a valid occupation code to be used instead of the occupation code from the employee's function line.

Enter Override Shift Code

Leave this prompt blank when an override shift code is not required.

• Enter a valid shift code to be used instead of the shift code from the employee's function line.

Enter Batch Type Code

• Enter a valid batch type code for generation of the batch entries.

Report All or Selected Employees

Report Employees Terminated/On Leave/Both

Sort by Employee# or Name

• Enter 'E' to produce the report in employee number order.
• Enter 'N' to produce the report in employee name order.

Report Only or Process

• Enter 'R' to generate just a report. The timesheet / variable deduction batches will not be generated.
• Enter 'P' to generate the reports and process the timesheet / variable deduction batches.

A Storage Bank Payout Distribution report is generated as well as a timesheet/variable deduction report including a rejection report, for each selected pay period. The reports lists the following:

• • Employee name and number
  • Pay Period
  • Interest storage bank and table code, when applicable
  • Interest opening and on-line balance, opening balance blank when equal to on-line balance. On-line balance is amount to be processed.
  • Interest deduction/pay code and payout amount for pay period
  • Interest remaining balance
  • Savings storage bank and table code, when applicable
  • Savings opening and on-line balance, opening balance blank when equal to on-line balance. On-line balance is amount to be processed.
  • Savings deduction/pay code and payout amount for pay period, the deduction code will print as ** when the employee does not have the defined deduction code on their deduction master
  • Savings remaining balance
  • Total employees reported with total starting bank balances and total entries
  • Total number of employees with no deduction, not processed.

The Timesheet Entry report per pay period lists the following:

• • The employee numbers
  • Timesheet entry date
  • Function line number
  • Shift code used
  • Pay code and description
  • Hours, zero
  • Payout amount
  • The rate including all premiums
  • The pay code, shift and occupation premium amounts
  • The GL account code used

The Variable Deduction Entry report per pay period lists the following:

• • The employee number and name
  • The entry dates
  • Deduction code and description
  • Employee payout amount
  • Employer amount, zero
  • Eligible earnings amount, zero
  • Reason for variable

The Rejection report per pay period lists the following:

• • The employee number and date
  • The original record numbers
  • The message describing the reason the record is invalid
  • Total number of rejected records