Microsoft Dynamics 365 Payroll Tips & Tricks for Benefits – Maintaining Benefits
Welcome to Part 4 of our Tips & Tricks Blog Series for Microsoft Dynamics 365 Finance:
Part 1 – Finance Tips & Tricks for General Ledger
Part 2 – Tips & Tricks for Fixed Assets – Asset Location & Lending
Part 3 – Payroll Tips & Tricks for Benefits – Creating Benefits
Fixed Benefits:
Fixed benefits are those benefits that the price is the same for all employees and when a change occurs it is the same for all enrolled employees. Benefits change regularly, typically, the costs change that are withdrawn from payroll. These changes can be updated and maintained without creating brand new benefits or overwriting the amounts that are currently being used. Once you have created the benefit elements you can make changes in
Payroll > Setup > Benefits > Benefits
then selecting
Maintain version
.
This opens a new window that allows you to update the eligibility rules on the first tab, then payroll details on the second. Here is where any changes to your benefits should be updated, including first time use adjustments. If you make a change on the main screen without going to maintain versions, you may not see the change as the effective date will be as of the day the change was made vs. the correct effective date.
This is also, where you can create new payroll details for future dates, such as next year’s rates. When you create a new version the expiration date of the previous version will update to be the day before the new effective date. This allows you to setup future versions as you become aware of the information vs. waiting for the day of the change.
Once this change is created, you can see an “Update benefit rates” that if you activate will update all benefit rates for all employees who are enrolled in this benefit. **DO NOT use this button for benefits that should be maintained by person (amounts are not fixed). The next section will give details on maintaining those benefits.
Individual benefits:
Individual benefits are those that vary by employee chooses and must be updated at the employee level. These include garnishments (child support, tax levies, etc.), retirement plans (401k), dependant care spending, and others. These benefits are specific to the employee and would have to be maintained on the employee benefit page. These are found in a couple of different places: in the tool bar under worker and inside the personal information section:
Inside this area, you can update personal information related to the benefits of the employee. This includes dependants, beneficiaries, payroll details, payroll limits, and if a garnishment or levy – garment and tax levy details. The last section is where the garnishment and tax levy information go, like the case information and administrative fees. This is also where you will find the maintain versions, like in the above. This allows you to update any changes to benefits and garnishments based on effective dates.
Please contact SIS @ 678-380-2267 or email info@sisn.com for any information and questions you may have.
We previously blogged other helpful Dynamics 365 FO Finance Tips & Tricks in the series:
Part 1 – Finance Tips & Tricks for General Ledger
Part 2 – Tips & Tricks for Fixed Assets – Asset Location & Lending
Part 3 – Payroll Tips & Tricks for Benefits – Creating Benefits
Please be on the lookout for the next post in this series.
