Self-Paced Training - Lesson 9
Lesson #9 - Payroll, Employee Records & Beginning Balances
The ninth lesson in the MaxxTraxx Training Curriculum is about setting up MaxxTraxx to run payroll, enter employee payroll information and payroll balances year-to-date, and the beginning general ledger balances in your system. These advanced accounting features are usually the last functions a shop brings in-house to manage in MaxxTraxx. By entering in your general ledger balance sheet numbers, you will have a real-time, complete financial picture of your business to make “informed” business decisions without waiting for financials from your accountant. Scott Systems recommends you work closely with an accountant to generate the financial numbers used to set up your general ledger.
As noted on the Setup Checklist in the Getting Started Guide, accounting users need to set up the Company Payroll section along with all of their employee records with payroll tax table information. Please follow the setup procedures in the MaxxTraxx User Manual to ensure that this critical financial information is entered correctly and completely. Once set up, running payroll takes just a few minutes and payroll tax deposit information is automatically generated in MaxxTraxx.
Most shops do not have a current balance sheet for their business, and many do not really understand the value or how a balance sheet is used in their business. A balance sheet provides that essential piece of the financial puzzle when used with an income statement (profit and loss statement) to understand where your money goes. A recommendation is to work with your accountant to generate a balance sheet taking into consideration all your assets – bank accounts, cash deposits, equipment, vehicles, buildings, etc. and your liabilities – credit card bills, loans, mortgages, accrued payroll and sales tax, etc. Once entered in MaxxTraxx as beginning general ledger balances, you will always know where you stand financially in your business – handy when going for a business loan or selling your business.