Summary: This article details process for the user to setup Fringes in the new Movie Magic Budgeting program.


Solution:

Fringes are additional costs on top of somebody’s rate that an employer has to considering when hiring. These additional costs may be taxes, benefits, and other items. It is a common practice to set up your fringes before you begin entering in any information about costs and labor into your budget.

  1. Once you are inside of your budget, in the menu bar, click on Setup and then Fringes. You may also click on the Fringes icon in the toolbar at the top. The Budget Setup window will display, with the Fringes section selected.
  2. Fringes can be a percentage of somebody’s pay, or a flat amount. An example in the below video, lets focus on a percentage of pay.
  3. At the top of the window, click the Add Fringe button. A new row will appear prompting you to enter a Name for your new fringe.
  4. This field is a nickname or acronym for the fringe you are going to enter. These names are important, as they will eventually end up in the fringe column inside of your budget and help you distinguish between different fringes.
  5. Consider a typical name as State Unemployment, which is commonly referred to as SUI.
  6. Tab to the Description column and type in the full name State Unemployment.
  7. Tab to the ID column. The ID column will populate with the ID if you have one specified. If it is left blank, the Fringe column in the main budget will populate with the Fringe name. In this example, leave it blank.
  8. Tab to the Percentage column and enter the percentage.
  9. Next, tab to the Cutoff column. Some Fringes have cutoff which is the maximum amount that can be paid for a particular fringe. If applicable, enter the cutoff. Note that some fringes will be subject to State and Federal Legislation and may change over time.
  10. Once the Fringe is being utilized in your budget, the In-Use specifies the total amount of times the fringe is being used in the budget, and the Total column will display the total amount of that specific fringe.
  11. To add an additional fringe, you can click the Add Fringe button again.
  12. To delete a fringe, you can click to highlight the fringe and then select the Delete Fringe button.
  13. Once you are finished, you can exit the Budget Setup window by clicking the Close button.