Oracle Fusion HCM Element entries provide a good snapshot at the elements going to be processed on our employees next paychecks – compensation, benefit or taxation details for earnings and deductions.
It would be very difficult to go through every employee record to see if she/he is wrongly contributed to incorrect elements or if she/he needs refund on the tax deductions.
To make the validations simpler you can create an analysis report on your Oracle Fusion HCM system which makes your payroll process an easy one.
Below are the list of major scenarios that your organization might need HCM extract to pull data for
- To identify if anyone has contributed to the incorrect elements and need a refund.
- If there is particular range of amounts for certain elements that needs to be reviewed before processing.
- If Deduction Contribution needs have been reviewed.
- Check if any employee have contribution limit on particular element and see if it exceeds limit set IRS/Tax systems.
- If an element has a negative value.
- To identify if there are any employee is transferred and had benefit and/or compensation deductions that may need setup on their new company.
- List of active contributions/deductions.
We can have multiple reports based out of extracts to pull the above information for the whole organization which can also help in Payroll Auditing Process apart from our periodic validation.