Budgeting Salaries with SIBP

  • Sage
  • 8/5/2021

Learn how to quickly jump start budgeting for employees in Sage Intacct Budgeting and Planning.

The post Budgeting Salaries with SIBP appeared first on Sage Blog.

Getting started with Salaries and Wages

Sage Intacct Budgeting and Planning enables you to budget for existing employees, future hires, and employee related costs using a budget line type called “Salary & Wages”. The budget line enables budgeting of specific roles or employees, to accurately capture the total cost of employment. Depending on the level of budget detail required, SIBP is able capture employee-related expenses for one employee at a time, or for multiple employees including benefits, annual vacation days, or bonuses.

Group employees together in a Salary & Wages Budget Line Type

Salary & Wages Group

The Salary & Wages Budget Line Type is a unique group used specifically for budgeting employees and employee related costs. At the group level, set default values for Benefits, Employment Taxes, Yearly Increase, Vacation Days, and Bonuses that will apply to all employees or budget lines added to the group. When navigating to a specific budget line you can easily identify the default Employee Assumptions by their green font color, which turn black when edited. Even though the Employee Assumptions set at the group level applies to all budget lines within the group, you can override the assumptions for specific individuals.

Advanced Benefits

The Employee Assumptions provide a quick and easy means to jumpstart budgeting. Budgeting for employees often requires accounting for specific cost in more details. Advanced benefits enable you to create customized benefits or taxes to further detail employee costs. Just like the Employee Assumptions, setting up Advanced Benefits at the group level will create the benefit for all members of the group. However, there are ways to customize which budget lines a particular Advanced benefit applies.

  1. Name the benefit (or tax) that needs to be defined.
  2. Determine if the benefit (or tax) is a fixed amount or percent of salary.
  3. Select the spread. Is it the same amount/percentage each month or does it vary?
  4. Populate the amount/percentage for the benefit (or tax)
  5. Optionally you can assign a Payment for Cash budgeting; or expense the amount over a number of periods.
  • Use dimensions to assign benefits (or tax) to employees or budget lines in the Salary and Wage group that share the same dimension.
  • Create custom Tags to further customize how the benefit is applied.
  • Use the date range to set the start and end date for the benefit.
  • If needed you can activate Advanced Cash & Recognition options that enables further customization of how the benefit is allocated across multiple periods by percentage.

Results

By setting the default Employee Assumptions and Advanced Benefits, any employee or budget line added to the Salary & Wage Group will immediately have budgeted values based on their Salary. You can then update the assumptions for the employee to accurately budget their costs.

This image has an empty alt attribute; its file name is image-2-1024x489.png

Adding an Advanced Benefit to an employee is as simple as matching either the Tag or Dimension value assigned to the Advanced Benefit with the Employee. Once the benefit is added you are able to edit it for a specific employee and update it.

Use the Slider to see how tags can add an Advanced Benefit

What’s Next

There are several types of budget lines that are unique to the Salary and Wages Group. These budget line types enable you to budget for Multiple employees (existing and new hires), budget for an Allocated employee so you can split employee cost, by percentage, across different dimensions, and Transferred employee who are moving from one dimension to another during the budget year. Salary & Wages budget group lines and employee expense budget lines within the group can be viewed on the sheets tab to review their impact to departments or locations within your budget. Join us next time as we take a closer look at the other budget line types that are available under Salary & Wages.

In the meantime, register for the CLA Event: Data Security for Nonprofits in a Remote Workplace on Tuesday, 08/31. Learn about some of the security issues nonprofits face in a remote and hybrid workplace and steps you can take to mitigate those risks. #clapromise #createopportunities

The post Budgeting Salaries with SIBP appeared first on Sage Blog.

This blog contains general information and does not constitute the rendering of legal, accounting, investment, tax, or other professional services. Consult with your advisors regarding the applicability of this content to your specific circumstances.

Experience the CLA Promise


Subscribe