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GP Payroll 401k Loan Fixed Amount Pulled Incorrectly

  • 1.  GP Payroll 401k Loan Fixed Amount Pulled Incorrectly

    SILVER CONTRIBUTOR
    Posted Jan 10, 2020 03:04 PM
    I have an employee who has a 401k Loan with a fixed amount in the Employee Card > Under Deductions but when the first payroll processed in 2020 a lesser amount deducted from the payroll check.
    This is not a new loan and has been coming out of the pay check correctly and with no issues. What would cause a fixed amount not to deduct correctly? No changes have been done to the employee cards record and there was enough funds to deduct the full amount listed in the employee card.

    ------------------------------
    Lorie Ponder
    Sr Manager of Payroll & PR Tax Compliance
    Hays U.S. Corporation
    ------------------------------
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  • 2.  RE: GP Payroll 401k Loan Fixed Amount Pulled Incorrectly

    Posted Jan 13, 2020 08:12 AM
    Hi Lorie,

    Do you use Deductions in Arrears to manage 401K loans?  If not, I would check YTD or LTD limits.  Make sure one of the limits has not been reached.  I would also look at deduction sequencing and garnishment setups if those are used.  Also check on any ISV applications that may limit deductions.  If none of those look suspicious then do a build and calculate for that employee eliminating all other deductions to see if the amount calculates properly.

    ------------------------------
    Louie Hoerner
    AIM Technologies
    Madisonville LA
    lhoerner@aim-technologies.com
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  • 3.  RE: GP Payroll 401k Loan Fixed Amount Pulled Incorrectly

    SILVER CONTRIBUTOR
    Posted Jan 13, 2020 10:49 AM

    What is ISV means? Where in GP payroll would I find the life time limit?

     

    Thank you

     

    Lorie Ponder, CPP

    Sr. Manager, Payroll & PR Tax Compliance

    Corporate Services

     

    Hays U.S. Corporation - Recruiting experts worldwide

    4350 W Cypress St., Suite 1000

    Tampa FL 33607

     

    D/F: 813 606-4760

    E: lorie.ponder@hays.com

     

    hays.com

     

     




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  • 4.  RE: GP Payroll 401k Loan Fixed Amount Pulled Incorrectly

    Posted Jan 13, 2020 10:56 AM
    ISV = Independent Software Vendor.  They publish GP add-ons.  Specifically, Integrity Data has an add-on that can be used to enforce combined limits on multiple deductions.  You would probably know if you were using something like that.

    Email me directly if you need additional assistance.

    Louie

    ------------------------------
    Louie Hoerner
    AIM Technologies
    Madisonville LA
    lhoerner@aim-technologies.com
    ------------------------------

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  • 5.  RE: GP Payroll 401k Loan Fixed Amount Pulled Incorrectly

    SILVER CONTRIBUTOR
    Posted Jan 13, 2020 10:58 AM
    Hi Louie,

    I have determined it is the LTD limit. How do I update the limit or reset the limit because the loan is not paid in full. I also have another same issue but on a Roth deduction.

    Thank you,

    ------------------------------
    Lorie Ponder
    Sr Manager of Payroll & PR Tax Compliance
    Hays U.S. Corporation
    ------------------------------

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  • 6.  RE: GP Payroll 401k Loan Fixed Amount Pulled Incorrectly

    Posted Jan 13, 2020 11:04 AM
    Open the employee deduction maintenance window under cards.  On the bottom, right, you will see a box labeled 'Maximum Deduction'.  There is a 'Lifetime' field in that box.  The amount is editable.  increase the lifetime max there.

    ------------------------------
    Louie Hoerner
    AIM Technologies
    Madisonville LA
    lhoerner@aim-technologies.com
    ------------------------------

    Conference-GPUG_200x200


  • 7.  RE: GP Payroll 401k Loan Fixed Amount Pulled Incorrectly

    SILVER CONTRIBUTOR
    Posted Jan 13, 2020 11:59 AM

    Louie,

     

    The individual with the Roth does not have a life time limit but we are using the Ben/Max but the calendars have been setup with the new max limits for 2020.

     

    Any thoughts?

     

    Lorie Ponder, CPP

    Sr. Manager, Payroll & PR Tax Compliance

    Corporate Services

     

    Hays U.S. Corporation - Recruiting experts worldwide

    4350 W Cypress St., Suite 1000

    Tampa FL 33607

     

    D/F: 813 606-4760

    E: lorie.ponder@hays.com

     

    hays.com

     

     




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