Learn to pay out bonuses by reviewing statements, updating payroll, and closing statements to finalize bonus distributions.
This guide explains the process for paying out bonuses and closing bonus statements in Protiv, ensuring accurate and organized bonus management.
▶️ Watch on Loom:
Watch the Video for a step-by-step demonstration on paying out bonuses and closing bonus statements.
📌 Key Points Covered:
- Pending Statements: Access and review all approved ProPays ready for bonus payout.
- Calculating Bonus Totals: Determine the total bonus amount to be appended to each worker’s regular payroll.
- No Direct Financial Transactions: Protiv does not process payments; payroll adjustments are made outside Protiv, with the bonus amount appended to regular paychecks.
- Marking Statements as Closed: Once bonuses are paid, mark statements as “Closed” to prevent duplicate payments and maintain organized records.
- Reverting Closed Statements: Statements can be marked as “Pending” if corrections are needed.
- Action Items: Practice reviewing, paying out, and closing statements to ensure a smooth bonus distribution cycle.
📜 Video Transcript:
In this video, what we're going to do is talk about paying out your workers' bonuses. Okay? So, the scenario is, we created a ProPay. The guys went ahead and completed the job. We marked the job complete, reviewed it, and marked it approved. At that point, the ProPays populate on our bonus statements. You see we're on our pending statements—statements that haven't been paid out.
We've reviewed each of the workers and added any applicable bonuses or deductions. Here with Alejandro, we added a bonus for a five-star review for $100 and a general deduction for three strikes for not clocking in, subtracting $75.
Now, we're at the point of payout. To be clear, Protiv does not handle any financial transactions. You’ll follow your regular payroll process, adding the applicable bonus amount to each worker’s paycheck. For example, for the period from October 28 to November 10, Alejandro has a total bonus of $906.91.
If you use a payroll company, provide them with this information. If your office handles payroll, let’s say with someone like Martha, she’ll need access to Protiv to view and process the statements. Martha will use the total bonus amount, append it to Alejandro’s regular payroll, and then mark the statement as closed.
To mark as closed, select the applicable pay period, such as October 28 to November 10, and confirm. The status changes to “Closed,” and the worker’s statement is archived. If you need to revert, you can change it back to “Pending.”
Next, move on to the next worker, reviewing their bonuses and closing the statement if there are no adjustments. Repeat this process for each worker to ensure all bonuses are accurately appended and closed.
It’s crucial to mark statements as closed—leaving them open may result in duplicate payments, creating accounting issues. Your action item is to practice this process, ensuring you’re comfortable with reviewing, paying, and closing bonus statements.