Welcome to Module 3. Before you can begin adding employees or processing paychecks, it is critical to establish your organization’s foundational payroll defaults. Because FastFund Payroll seamlessly integrates with FastFund Accounting, properly configuring these settings ensures that all of your salary expenses, tax liabilities, and adjustments post accurately to the correct general ledger accounts without the need for manual journal entries.
In this module, we will walk through the essential payroll setup sequence. We will start by defining your company-wide default settings, including payroll frequencies, standard work hours, and your specific vacation and sick time accrual factors. From there, you will learn how to configure your comprehensive payroll tax tables—covering federal, state, local, and unemployment taxes—as well as how to set up custom Pay Types for hourly, salaried, and piece/quantity wages.
We will also explore how to build out your Master Adjustments to manage non-tax deductions, other income, and employer contributions (such as health insurance and retirement plans). Finally, we will cover how to configure your Direct Deposit settings and establish default Salary Allocations to easily distribute an employee’s wages across multiple cost centers, programs, or grants. By the end of this module, your FastFund system will be fully configured and ready for individual employee setup.