Does TimeTrax do my Payroll?
No TimeTrax is not a payroll program, TimeTrax is a payroll cost calculator, and is strictly focused on what your payroll cost you. There are hundreds of payroll programs available on the market, including the payroll module of QuickBooks, which will do an excellent job of writing your paychecks and tracking your payroll burden liabilities. However, none of them will will calculate what your payroll costs you by project and cost code, and that's where TimeTrax steps in.
How do we enter the TimeTrax costs into our bookkeeping?
This question does not have a short answer because there are several methods you can employ, depending upon your specific situation. Some of your options are:
- Use the TimeTrax Transfer Schedule to post a General Journal into your Payroll Liability account each week, which will post the payroll cost in your books by project and cost code.
- Use the TimeTrax Transfer Schedule to "split" a transfer check from your main checking account to your payroll checking account, which will post the payroll cost by project and cost code into your books.
- Use the TimeTrax Transfer Schedule to "split" a check to an employee leasing company each pay period, which will post the payroll cost by project and cost code into your books.
There are several options on these strategies, all of which are explained in the Payroll Strategies section of the TimeTrax Manual.
Why can't we just use QuickBooks Pro to distribute the payroll costs?
Because QuickBooks DOES NOT distribute payroll burden to your cost codes. What QuickBooks does is post the employee's pay to the cost codes, and post the payroll burden to separate payroll burden line items at the bottom of the job cost report. This applies the payroll burden to the project, but not to the cost codes, which gives you an accurate P&L, but inaccurate job costs. In addition, the process used by QuickBooks to achieve even this limited result also creates an enormous burden on your QuickBooks file by bloating it's size with an extraordinary number of payroll transactions. QuickBooks doesn't advertise this, but they are aware of the problem.
TimeTrax processes the timecards and the produces the reports on a weekly basis. What if we pay our our payroll biweekly, semi-monthly or monthly?
This is no problem. The very nature of TimeTrax is that you are separating the posting of the payroll labor cost from the paying of the payroll labor costs. In reality, there are many payroll costs that you don't pay in sync with your payroll cycle anyway. In short, post your payroll costs on a weekly basis, and pay your employees, your payroll taxes, your WC insurance and your other costs by whatever schedule you determine.
What if I set the program up, and then discover months later that we've been using the wrong rate for something?
Ah, the power of TimeTrax. This is so easy, just use the Modify Records function to identify the records that used the inaccurate rate (date range, cost code, etc.), enter the correct rate, and select OK. TimeTrax will revise all the effected records and print a General Journal report so you can make one entry into your books to reflect the difference in the old and the revised rate. As you can imagine, that's a lot easier than revising each of the prior week's entries. The whole process can be done in a few minutes.
Why do you have different versions of TimeTrax?
Because we wanted to be able to offer an affordable version for the typical construction company with less than 20 employees.
Can I upgrade to a different version if I need to?
Yes. Anytime you want, just pay the difference between your current version and the upgrade version.
Can I upgrade to a new release of the same version?
Yes. Your license provides that you are entitled to upgrade to any new release of the same version for as long as we offer it. The idea is that we want you to be able to easily upgrade to new versions of the program as we release them.
If I upgrade, will I lose my existing data?
No. We've designed the program so that your data is in a separate file, independent of the actual program itself. What this means is that you can upgrade to a new release or a new version of the program at any time, and the new program will read your existing data just as you left it.