| FAQ 767: Prevailing Wage or Davis Bacon-- offset to profit sharing |
How can I offset the profit sharing contribution by the Davis Bacon contribution or sometimes also referenced as Prevailing Wage?
There is really no quick way to do this as an offset to source 2 in ASC. You can run the calculation and then manually reduce the contribution. If it is a large plan, you could use a formula in the Grid to reduce the profit sharing contributions by the Davis Bacon contributions - assuming that the Davis Bacon contributions are a set percent of comp.
Assuming your setup is Source 2 as profit sharing and Source 5 as the Davis Bacon source, instead of using a formula via the grid, you may want to try the following scenario:
Create a transaction for the source 5 Davis Bacon money using, Calculations - Transactions - Convert Stored Values to Transactions, convert only this source 5 contribution.
Next go to Calculations - Transactions - Global Edit and change the source number on this transaction to source 2.
After editing the source number, go to Calculations - Transactions and UNPROCESS the specific transaction. You will need to check the "Override Processing Status" option. Once this is processed, you should note via a grid that the profit sharing accounts have been offset by the Davis Bacon contributions.