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Paycheck Reversals and Adjustments (1)

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  Paycheck Reversals and Adjustments: What is a Paycheck Reversal? A reversal is appropriate when you’ve produced a check that you subsequently realize should not have been produced at all, or should not have been produced how it was, and the check has not been cashed or deposited.What is an Adjustent? An adjustent is appropriate when eployee is ! # paid correctly. $ither eployee is paid e%tra &by 'ivin' hi hi'her rate ( or eployee is paid less than what he should beenpaid &by 'ivin' hi lower rate(.Rules )or Reversal and Adjustent* ã +) the check has not been cashed or deposited, run a reversal. ã +) the check has been cashed or deposited, run an adjustent. $%aples o) Paycheck reversalsadjustents*-(alaried $ployee was paid where he shouldn’t have been paid. #his happens when an eployee is terinated, but the terination transaction is ! # entered in the syste. /y de)ault, Peopleo)t would 'enerate a paycheck. #he Peopleo)t user would have to reverse this paycheck usin' ))01ycle Process.2($ployee Paycheck was lost or stolen3($ployee 'ot incorrect rates, or paid hi e%tra overtie, or did not include overtie.4(An eployee should have been paid )or 25 hours o) overtie, but deposited his check be)ore realizin' the overtie was not on it. 6e requests his overtie pay.#he adjustent process calculates the check as it should have been calculated in the )irst place and copares the new calculation to the calculation )or the ori'inal check. +n the e%aple o) unpaid overtie, you issue a sin'le check )or the di))erence. +n soe cases the eployee i'ht owe the copany oney, in which case you process a ne'ative adjustent.  !avi'ation to Reversals and Adjustents*  Comparison of Reversal and Adjustment #he Paycheck ReversalAdjustent process produces di))erent results, dependin' on whether you select Reversal or ReversalAdjustent )or your run control* Reversal Produces a ne'ative ia'e o) the ori'inal pay record, with all the aounts chan'ed )ro positive to ne'ative. #his e))ectively backs the check out o) the syste. Adjustment Produces an o))0cycle paysheet pa'e with two pay lines* a Reversin' Adjustent with a net pay o) zero and an Adjustent record where you enter the in)oration )or the check as it should have been ori'inally. When you reverse a check, you 'enerally either cut a new on0deand check )or the correct aount or do nothin' a)ter havin' reversed it &i) that check shouldn’t have been issued at all(.When you adjust a check, three situations are possible* ã !o chan'e in net pay.7or e%aple, an eployee’s pay is incorrectly char'ed to 8epartent -5-55 instead o) 8epartent -55-5. ã #he copany owes the eployee oney.#he ori'inal check is )or too sall an aount. 7or e%aple, you pay an eployee )or 2 hours o) overtie instead o) 25 hours. ã #he eployee owes the copany oney.#he ori'inal check was )or too lar'e an aount. 7or e%aple, you pay an eployee )or 25 hours o) overtie instead o) 2 hours. Paycheck Reversal Run paycheck reversal when a syste0'enerated check is incorrect and has not been cashed or deposited. #his pro'ra locates the checks you’ve speci)ied on a special run control and creates an o))0cycle paysheet pa'e )or each reversal. #he resultin' paylines re)lect the ori'inal paysheet entries, with ne'atives in the hours and aount )ields. #hese pa'es are display0only.8urin' the Paycheck ReversalAdjustent process, the syste akes a copy o) the paycheck record and reverses the si'ns &plusinus( on the aount )ields. #he ori'inal paycheck record is retained, not deleted.  $%aple o) a Paycheck Reversal*Paychecks )or 9:555;<et’s look at 545-255= , check nuber 2>@
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