What’s New in the All-in-one Job Costing Tool (JCT)

Published:
October 7, 2024

A new All-in-one Job Costing Tool (JCT) is now available. Among other updates, the new JCT integrates the functionality of the current Summer Faculty JCT. This removes the need to keep up with multiple JCT versions. The new JCT also includes improvements to help address the complexity of costing for 9-month faculty while preserving current functionality for 12-month populations.

The all-in-one Job Costing Tool (JCT) is designed to estimate compensation charges for all employee populations from the beginning of the academic year through the summer. It mimics Workday payroll calculations for costing allocation distributions based on dollar amounts or percentages.

Updates found in the new All-in-one Job Costing Tool (JCT)

Integration: The all-in-one JCT combines the monthly summer JCT with the general JCT to estimate compensation charges and resulting costing allocation distribution for all populations.

Header Tab Calculations: Estimate compensation based on Fiscal Year (FY), Annual Work Period (AWP), and Scheduled Weekly Hours (SWH) is broken into several tables.

  • The August Period of the Prior Fiscal Year table calculates annual compensation for 9-month faculty for 8/16 – 8/31 with the option to add fringe.
  • The General table calculates compensation based on an annual rate from 9/1 – 8/31 for Staff and 12-month Faculty, and from 9/1 – 5/15 for 9-month faculty. The option to add fringe will apply to all remaining tables.
  • The Summer Session table calculates monthly compensation for 9-month faculty for dates between 5/16 and 8/31.
  • The August 16 – August 31 of FY table calculates annual compensation for 9-month faculty

New Calculation: A new calculation provides a Total Amount to be Paid Out for All Date Ranges.

Mini Tool Addition: In addition to converting known amounts to dollars or percentages and calculating scheduled weekly hours based on known funds, a new mini tool allows for calculating scheduled weekly hours based on known funds across fiscal years.

Allocation Method Updates

  • Allows for date gaps between costing allocation segments.
  • A new Gap Date Indicator column has been added for visibility when there are costing allocation gaps.

The new JCT covers Fiscal Year 24-25 forward. Previous versions covering FYs 23-24 and earlier remain available.

JCT Resources

If you need assistance, contact askUS Support.

 

 

News category:
HR/Payroll (Workday)
News tags:
news costing