Define Group Insurances

OBJECTIVE

The Define Group Insurances function is used to manage hourly group insurance with a maximum of applicable hours.

The code created must be associated with the employee in Employee Management, in the Payroll Information tab. These settings are used to calculate the payroll for employees for which a group insurance code is associated.

 

PREREQUISITE 

• Chart of Accounts

 

Steps

Creating a Group Insurance Record

1. Enter the required information:

The Configuration icon is used to define entry options for the Code field.

Field	Description
Code	Group insurance code.
French Description	French description of the group insurance record.
English Description	English description of the group insurance record.
Insurance Deduction Account	Liability account. If no value is entered, the system uses the deduction account for group insurance in general payroll settings.
Number of Hours	Maximum number of hours for using weekly deductions. NOTE: If no value is entered, the system calculates the amounts using the weekly portion and the number of hours in the pay, multiplied by the rate in the hourly section. NOTE: If the number of hours in the pay exceeds the value entered, the system calculates the amount using only the weekly portion. NOTE: If the number of hours in the pay is lower than the value entered, the system calculates the amount using the number of hours in the pay multiplied by the rates in the hourly section.

2. Enter the required information in the Main Fields tab:

1. Weekly section:

Field	Description
Employee	Amount.
Employer	Amount.
Taxable portion of insurance	Taxable portion of the gross amount, by government level, based on the contribution. NOTE: This information is usually provided by the insurer.
Amount of Tax Deduction	Available values: Provincial/State Provincial or state tax deduction. Federal Federal tax deduction.

2. Hourly section

Field	Description
Employee	Employee's insurance contribution rate per hour and hourly/weekly maximum employee contribution rate.
Employer	Employer's insurance contribution rate per hour and hour/weekly maximum employer contribution rate.
Tax Portion of Insurance	Available values: Provincial/State Provincial/State taxable insurance rate. Federal Federal taxable insurance rate.
Rate of Tax Deduction	Available values: Provinctial/State Provincial/State insurance tax deduction rate. Federal Federal insurance tax reduction rate.

These values are displayed in the Payroll Information tab, Group Insurance section of the Employee Management option.

3. Click Save.

 

See also:

• Define Pension Plan
• Employee Management

 

Last modification: November 08, 2024