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Workday Training Highlights

💵 Payroll is a system through which a company pays its employees at regular intervals.

🏢 A company is a legal entity with a registered office, having pay groups for processing payroll.

🔄 Pay groups categorize employees based on similar pay characteristics or frequencies.

📅 Pay frequencies include monthly, bi-weekly, semi-monthly, weekly, and hourly.

⏰ Bi-weekly salaried employees have a fixed amount, while bi-weekly hourly employees are paid based on hours worked.

💼 Components of pay include earnings, deductions, benefits, taxes, garnishments, and pay accumulators.

🖥️ The demonstration includes a walkthrough of Workday Payroll, covering retro pay processing steps.

🔄 Retro pay is processed before regular payroll, involving events like adding retroactive pay components.

🌐 The video showcases a demo of running a semi-monthly payroll in Workday and navigating the Pay Cycle Command Center.

Workday Training - Key moments

Here are the summary titles with time for the provided video information:

  • Introduction to Payroll Basics 00:05

    • Overview of payroll and its significance for businesses.
    • Explaining the process of payroll runs and intervals.

 

  • Understanding Company Structure in Workday Payroll 01:25

    • Insight into how companies are structured in Workday.
    • Explanation of the relationship between supervisory organizations and related companies.

 

  • Pay Groups and Pay Frequencies 02:46

    • Definition and importance of pay groups.
    • Explanation of different pay frequencies like monthly, bi-weekly, and weekly.

 

  • Distinguishing Between Bi-weekly Salaried and Hourly Employees 04:43

    • Highlighting the key differences in how bi-weekly salaried and hourly employees are paid.
    • Clarification on base pay calculations for each category.

 

  • Components of Payroll: Earnings, Deductions, Benefits, Taxes, Garnishment, Pay Accumulators 06:15

    • Overview of essential components in the payroll process.
    • General understanding of earnings, deductions, benefits, taxes, garnishment, and pay accumulators.

 

  • Navigating Workday Payroll Dashboard 13:11

    • Introduction to the Pay Cycle Command Center in Workday.
    • Overview of dashboard features for payroll processing.
  • Running Retro Pay Calculation in Workday 17:38

    • Demonstrating the process of retro pay calculation for an employee.
    • Understanding the importance of retro pay in payroll processing.

 

  • Completing Retro Pay Process in Workday 23:52

    • Finalizing the retro pay process and checking for any errors.
    • Overview of the process monitor for monitoring payroll-related tasks.
  •  

Workday Training FAQ’s

Q: What is the definition of payroll in a company environment?

A: Payroll in a company is a system or process through which the company pays its employees. It involves calculating and processing employees’ earnings, deductions, taxes, and other components to determine their net pay for a specific period.

Q: How are employees grouped in a payroll system, and what is the significance of pay groups?

A: Pay groups are a way of grouping employees with similar pay characteristics or pay frequencies, such as weekly, bi-weekly, or monthly. Within a company, there can be multiple pay groups to accommodate different payment frequencies. This grouping is essential for processing payroll efficiently and ensuring that employees with similar pay structures are handled together.

Q: What is the difference between bi-weekly salaried and bi-weekly hourly employees in terms of base pay calculation?

A: The key difference lies in how base pay is calculated. For bi-weekly salaried employees, the base pay is a fixed amount, while for bi-weekly hourly employees, it is calculated based on the number of hours worked during the period multiplied by the hourly rate. This distinction is crucial in understanding the varied nature of pay structures within a company.

Q: How does the concept of retro pay work in payroll processing, and why is it important?

A: Retro pay, or retroactive pay, involves processing payments retroactively for a specific period, usually when adjustments are made to an employee’s earnings. In the video, a scenario is created where retro pay is calculated for an employee named Ami Frost. This step is crucial to include any additional payments or adjustments that were not accounted for in the initial payroll run.

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