How to Create Allowances (Earnings) and Loans (Deduction) types in the system
Allowances, Recurring earnings, Adjustment, Company loan, Government Loans, Deductions, Regular Loans
Faye
Last Update há um mês
Recurring Earnings (Allowances) are earnings that repeat every payroll. It can have a fixed amount or not.
Go to Settings > Miscellaneous List > Earnings and Deduction Settings.
The Miscellaneous List under Earnings and Deduction Settings is where you can create all types of earnings and deductions.
(Note: You need to create these first before entering the allowance amount for each employee.)
Once you’ve accessed Earnings and Deduction Settings, click the Earnings tab, then click the Create button.
1 & 2. Here you can fill in the earnings code, select the type of earnings or write the name of the earnings that is applicable to your company. (The code and name can be identical)
3. In this part, select or check the necessary details.
-If you wish to select the taxable option, you can check the "Others" in order for the taxable box to appear.
4a. If the earnings are based on the employee's monthly period,select “Monthly“ and fill in the number of days in a month that are applicable.
If not you may select “Daily”.
4b. NTB Forfeit Hours
ex. 4 hours - if the employee works 4 hours and more they will be given an allowance.
4c. NTB min. Hours
EX 2 hours - If an employee will work atleast 2 hours, they will be given an allowance.
4d. Bypass late - Regardless if your late you will still be given an allowance without deduction.
4e. Captured logs only - Allowance will be given based on your timed in/out logs.
4f. Complete attendance - Regardless if your late, you will be given an allowance, but if you have atleast 1 absent for that week you will not be given an allowance.
4g. Include in premium Computation - Allowance will be included in premium computation.
(You have to set it up)
Once your done creating the Earnings type, click Save.
Other Earnings refer to additional compensation types that are added only when applicable or required.
Adjustments or One Time Payment
Click the Other Earnings tab, then click the Create button.
Similar with the Earnings Settings,
- Type the Code and Name (can be identical)
- Select or check the necessary details.
Click Save once done.
Regular Deduction (Loans) is intended for booking deductions with monthly amortizations such as loans and cash advances.
Go to Settings > Miscellaneous List > Earnings and Deduction Settings.
Once you’ve accessed Earnings and Deduction Settings, click the Regular Deductions tab, then click the Create button.
1 & 2. Here you can fill in the code and write the name of the deduction that is applicable to your company. (The code and name can be identical)
3. In this part, select whether the deduction type is internal or external.
4. Checking this will include this deduction in the remittance loan report.
5. If you want the deduction to follow each employee’s specific accounting entry assignment.
6. Check if its a loan.
7. If this is checked, the deduction was not made on the previous payroll it will be added on the next payroll
8. If you have a specific GL Account, then you can select it here.
(You have to set it up)
Once your done creating the Regular Deduction type, click Save.
Go to Settings > Miscellaneous List > Earnings and Deduction Settings.
Once you’ve accessed Earnings and Deduction Settings, click the Recurring Deductions tab, then click the Create button.
1 & 2. Here you can fill in the code and write the name of the deduction that is applicable to your company. (The code and name can be identical)
3. If checked a deduction will automatically take effect if employees are tagged as regular
4. If you want the deduction to follow each employee’s specific accounting entry assignment.
5. Checking this will include this deduction in the remittance loan report.
6. If this is checked, amount will be included in the contribution computation and reports.
7. If you have a specific GL Account, then you can select it here.
(You have to set it up)
Once your done creating the Recurring Deduction type, click Save.
Go to Settings > Miscellaneous List > Earnings and Deduction Settings.
Once you’ve accessed Earnings and Deduction Settings, click the Recurring Deductions tab, then click the Create button.
Similar to other deductions, kindly set only applicable settings.
Once your done creating the Other Deduction type, click Save.