Lesson 2.1: Company Information

The Company Information area serves as the foundational starting point for your entire FastFund experience. Before you can begin configuring your specific payroll settings, adding employees, or processing timesheets, your core organizational data must be accurately established.

Because FastFund Payroll seamlessly integrates with FastFund Accounting, your company’s core financial and profile data resides within a single, unified database. This automatic integration means that foundational details—such as your Company Name, Address, Federal Tax ID (EIN), State Tax ID, Account Format, and Fiscal Year information—are securely linked between the two systems. This completely eliminates the need for redundant data entry or separate batch export processes.

[INSERT SCREENSHOT: The ‘Company Edit’ screen within Company Setup, displaying the fields for Business Name, Federal Tax ID, State Tax ID, and Contact Information]

The Setup Sequence To ensure data integrity, FastFund requires you to follow a specific order of operations when first configuring your system:

1. Set up the data in FastFund Accounting: This includes verifying your core company information and building out your essential Chart of Accounts.
2. Set up the data in FastFund Payroll: This involves configuring your payroll defaults, tax tables, and employee profiles.

Accounting Prerequisites for Payroll Because the two modules are linked, you must ensure that your FastFund Accounting module is properly configured with the necessary general ledger accounts before you can accurately capture company payroll information. You will need to verify that your accounting team has set up:

• Gross Salary Accounts: For posting employee salary expenses.
• Payroll Tax Expense Accounts: Including Social Security, Medicare, State Unemployment (SUTA), and Federal Unemployment (FUTA), if required.
• Payroll Tax Withholding Accounts: Including Federal Income Tax (FIT), Social Security, Medicare, State Income Tax (SIT), and local taxes.
• Other Withholding and Expense Accounts: For managing other adjustments and income.

Internal Controls & Administration Rights Because your Company Information governs the entire application, access to these settings is highly restricted. Only users who have been granted Company Administration permissions have the authority to access the Administration menu, set up Company Data, and modify this foundational information. It is a critical best practice to ensure that Company Administration rights are only assigned to personnel with proper managerial and fiscal authority.