Paying Interest on Summer Pay: Paying Summer Pay Interest to Staff

You will upload your interest file from the Payroll > Setup > Summer Pay > Interest Import screen.

NOTES:  

• Summer Pay Interest SHOULD be paid it its own supplemental payroll.  This is a regular casual/casual pensionable supplemental payroll NOT flagged as Summer Pay.
  • Why? - taxes will come out of the interest earnings.
• Summer Pay Interest CANNOT be paid in a Summer Pay payroll.
  • Why? - taxes will come out of the interest earnings.  Regular Summer Pay payments (from what the employees contributed throughout the year) do not have any taxes. 
• Ignore any errors you receive about gross not equaling distributions. The interest earnings do not need account numbers. 

1.  On the screen shown below, make sure your Summer Pay Interest Earning is set up.

2.  Create the Interest Import Template:

• Create a simple Excel spreadsheet with the following columns:
  • Staff ID#
  • Interest Amount
• Save the spreadsheet as a Tab Delimited file
• On the screen below, using the "Import into Payroll" drop-down, select which pay period the interest will be paid to the employees
• Click the Choose File button and navigate to the location on your computer where you saved the Tab Delimited file
• Click the Upload and Import button and the file will be uploaded and the data pushed out to the employees' Other Earnings tab.