Executive Summary
The Executive Summary provides your company’s owner/accountant with a concise, at-a-glance overview of all relevant payroll changes.
This report also provides your payroll clerk with important reminder messages about the next pay run. For example: Employee Jane Smith will be eligible for CPP deductions next pay. It is very important to include this change when submitting the data for your next pay run.
A careful review of the Executive Summary will ensure that no important changes, revisions or corrections to your pay run are missed by your payroll clerk.
Route to - addressee of the Executive Summary Report. When a user is selected as an Executive Summary Report Contact on the User & Contact Mgmt page.
, the user’s First Name and Last Name are passed to the Company Profile page and used to populate the Executive Summary / T4 Summary Contact field.
System Warnings - Any gross or net pay exceeding a pre-determined amount will be flagged, as will invalid Business Numbers.
Masterfile Changes - Important employee payroll Masterfile changes will be identified.
Rate Changes - Any rate or salary increase/decrease will be noted with the corresponding dollar and percentage increase/decrease.
New Employees - All new hires will be listed and counted.
Status Changes - Status changes will be broken down by status type and summarized by province.
Hours and Earnings Analysis - This is a brief summary of the hours and dollars paid out, as well as the corresponding percentage allocation for each pay code.
Year-to-Date Adjustments - In the case of an adjustment, the name of the employee, amount and description of the code is clearly indicated for audit purposes.
General Tax Information and Earnings and Deduction / Benefit Reference Table
Example:
A matrix table displays when an earning, deduction or benefit code is added or modified for your payroll set-up.
The Matrix Report includes two sections.
- Fed/Prov taxes and Provincial Health Care Levy
- Quebec Only Calculation and Tax Forms
This report shows the allocation of earnings, deductions and taxable benefits to correct tax forms and boxes of forms.
Verify the following:
- Each code has correct tax, EI, CPP, QPP, QPIP implications
- Each code is being directed to the correct tax form box
- Pension Number is correct as 7 numeric digits
A full matrix report is provided with your year-end reports and you may access a Code listing report in Powerpay.
