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Workday Payroll - 5. Scheduling Payment

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Introduction - 1
Payroll Overview - 2
Payment Election - 3
Edit Earning - 4
Scheduling Payment - 5
Payroll FULL COURSE

Workday Finance Training Highlights

💰 Payment dates are specified in the period schedule and represent the date employees receive their payment.

🔄 Calculation details involve compensation elements and pay component frequencies for accurate payroll processing.

📅 Proration determines how to calculate and pay employees based on the number of days worked within a pay period.

Workday Training - Key moments

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

  • Understanding Payment Dates 00:00

    • Payment date refers to the date an employee receives their payment, typically indicated in the period schedule.
    • The payment date is also known as the check date, corresponding to the end of a specific period.
    • It is essential to consider the period end date and check date when processing payments for employees.

 

  • Calculation Details and Compensation Elements 02:33

    • Calculation details involve understanding compensation elements and their values.
    • Pay component frequency override plays a crucial role in determining compensation amounts.
    • Focus on specific calculation elements relevant to the payment process, such as car allowances or shift rates.

 

  • Pay Component Proration 05:17

    • Proration in payroll processing involves adjusting payments based on the number of days worked.
    • Options for proration include using days worked or calendar days to calculate payment adjustments.
    • Events like compensation changes and retroactive calculations impact pay component proration decisions.

Workday Training FAQ’s

Q: What is the significance of the payment date in the context of payroll processing?

A: The payment date, also known as the check date, is the date on which an employee receives their payment for a specific period of work.

Q: How does proration work in the payroll processing system?

A: Proration in payroll processing involves adjusting an employee’s payment based on the number of days they worked within a specific pay period, ensuring fair compensation for partial work periods.

Q: What is the purpose of selecting specific elements for retroactive calculations in payroll processing?

A: Selecting specific elements for retroactive calculations helps streamline the process by avoiding system overload and excessive processing time, ensuring efficient handling of retroactive payments for employees.

Q: How does the calculation details section in payroll processing determine compensation amounts?

A: The calculation details section in payroll processing utilizes compensation elements to calculate and determine the total pay component amount based on the pay component frequency, simplifying the process of calculating employee compensation.

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