Accounting Issues

Will the fringe benefits rate be applied when the pay is earned or when paid?

Payroll fringe benefit charges will always be calcualted using the fringe benefit rate in effect on the date the payment is made, not when the pay was earned.

How do I correct payroll that used the new benefits method?

Salary corrections for salary charges July 31 and beyond will use the fringe benefits rate resulting in more simplified accounting corrections. Payments made in FY18 and Correction Vouchered in FY19 will use the FY18 fringe benefit rates.

Are there "summer rates?"

No. There will no longer be any "summer rates."

Will the fringe benefits rate be applied to additional compensation?

Yes. All additional compensation must be processed through payroll where the fringe benefits rate will be applied.