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Workers Comp Analysis
Function
This option prepares a Pay Period Worker’s Comp Analysis based on employee’s individual rates as defined in the Employee File. The expense is coded to the Fringe Benefit Pool.
Operating Procedures
Workers Comp Analysis tab
○ By selecting No, a window will open where you choose the classes to be included.
Previous Pay Period tab
Should you wish to print this report for a previous pay period, click this tab, then choose the desired pay period from the combo box.
Prepare Journal
Prepare Journal: This option will prepare a General Journal entry that expenses the Worker’s Comp costs into the Fringe Benefit pool and creates the corresponding Accrued Worker’s Comp liability.
This option prepares a Pay Period Worker’s Comp Analysis based on employee’s individual rates as defined in the Employee File. The expense is coded to the Fringe Benefit Pool.
Operating Procedures
Workers Comp Analysis tab
- Period Ending: The current pay period will be displayed.
- Include all classes: Select whether to include the wages of all employee classes for this analysis.
○ By selecting No, a window will open where you choose the classes to be included.
- Include SSN#: If SSN# is to be included on the report, check the box.
Previous Pay Period tab
Should you wish to print this report for a previous pay period, click this tab, then choose the desired pay period from the combo box.
- Print: This will display the current period Pay Period Worker’s Comp Analysis on the screen. It will include an analysis by both individual employee and Worker’s Comp code. It will include all employees processed through payroll even though they don’t have a WC code entered in the master file. They will print under WC 0. The number of employees per Workers Comp code will be printed.
Prepare Journal
Prepare Journal: This option will prepare a General Journal entry that expenses the Worker’s Comp costs into the Fringe Benefit pool and creates the corresponding Accrued Worker’s Comp liability.
GJ#: The system will display the General Journal entry number to be used once the entry is saved.
Batch#: The system will display the General Journal batch number to be used once the entry is saved. Expense Code: The expense code used for this entry in the previous payroll will appear as the default. It may, however, be changed at this time. Liability Code: The liability code used for this entry in the previous payroll will appear as the default. It may, however, be changed at this time. You also may use an asset account if it has been prepaid. Element Code: The element code used for this entry in the previous payroll will appear as the default. It may be changed at this time. However, it is intended for the workers comp expense to be expensed to the fringe benefit pool, so 998000 is normally used. Post Period: The post period should be the last date of the month you want it to be expensed in. The posting period will default to the month in which the pay period ended. This date however can be edited if you wish. |
Save Journal: Upon clicking this button, you will receive a message that the General Journal Batch has been posted to the General Ledger. The General Journal entry will then display on the screen.