We are excited to announce that for the Fiscal Year 2013, benefit encumbrances will be calculated and posted daily. This means that in addition to daily salary encumbrance adjustments, you will also see daily benefit encumbrance adjustments. These benefit encumbrances will now show on the Payroll Encumbrance Summary report in Web Management Reports.
Here’s how it will work: an encumbrance benefit rate will be calculated each pay period (total employer-paid benefits and taxes ÷ total earnings). That rate will then be applied to the salary encumbrances that are calculated daily, giving you the most up-to-date benefit encumbrance.
Look for more information about the benefit encumbrances when we announce via FBS News that the new process is live.
Please ASK US if you have any questions.