Difference between revisions of "Full and Final Settlement"

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(Created page with "== '''Full and Final Settlement''' == Full and Final Settlement commonly known as FnF process is done when an employee is leaving the organization. At this time, he/she has to...")
 
 
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== '''Path''' ==
 
== '''Path''' ==
 
No Dues » Employee
 
No Dues » Employee
 +
 +
== '''Inputs Needed''' ==
 +
* Organizations Resignation Policy.
 +
* Department wise, post wise resignation policy.
 +
 +
== '''Terminology Used''' ==
 +
* FnF : Full and Final Settlement
 +
* No Dues : Clearance to be obtained from each department for no dues on either employee or employer's side.
  
 
== '''Functionality''' ==
 
== '''Functionality''' ==
 
* Full and Final Settlement commonly known as FnF process is done when an employee resigns from their services and the resignation needs to be approved from the reporting authorities.
 
* Full and Final Settlement commonly known as FnF process is done when an employee resigns from their services and the resignation needs to be approved from the reporting authorities.
*  
+
* Depending upon how the Resignation Policy is configured, the employee will have to obtain No-Dues from defined authorities
 +
* Full and final settlement will happen from the Finance department.
 +
** The settlement will include Leave en-cashment
 +
** Adjustment of any Employee Expense/Advance
 +
** Any settlement from other departments like library, stock, leave and guest house etc to be done in the finance department
 +
** Any other settlement claim from the Employee or Organization
 +
* Once the settlement agreement is done, the Finance Department will notify the HR Department to Process the Relieving Letter and Experience certificate
 +
* The HR Department then can handover the Relieving Letter and Experience certificate
  
 
== '''Step by Step''' ==
 
== '''Step by Step''' ==
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Full and Final Settlement
 +
[[File:Full and Final Settlement.png|center|frameless|950x950px]]
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Fine Deduction
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[[File:Full and Final Settlement2.png|center|frameless|752x752px]]

Latest revision as of 09:58, 29 April 2020

Full and Final Settlement

Full and Final Settlement commonly known as FnF process is done when an employee is leaving the organization. At this time, he/she has to get paid for the last working month + any additional earnings or deductions. The procedure has to be carried out by the employer after the employee resigns from their services.

Prerequisite

  • Renewal policy should be configured
  • Retirement policy should be configured
  • Resignation policy should be configured
  • Termination policy should be configured

Role

Finance Admin

Path

No Dues » Employee

Inputs Needed

  • Organizations Resignation Policy.
  • Department wise, post wise resignation policy.

Terminology Used

  • FnF : Full and Final Settlement
  • No Dues : Clearance to be obtained from each department for no dues on either employee or employer's side.

Functionality

  • Full and Final Settlement commonly known as FnF process is done when an employee resigns from their services and the resignation needs to be approved from the reporting authorities.
  • Depending upon how the Resignation Policy is configured, the employee will have to obtain No-Dues from defined authorities
  • Full and final settlement will happen from the Finance department.
    • The settlement will include Leave en-cashment
    • Adjustment of any Employee Expense/Advance
    • Any settlement from other departments like library, stock, leave and guest house etc to be done in the finance department
    • Any other settlement claim from the Employee or Organization
  • Once the settlement agreement is done, the Finance Department will notify the HR Department to Process the Relieving Letter and Experience certificate
  • The HR Department then can handover the Relieving Letter and Experience certificate

Step by Step

Full and Final Settlement

Full and Final Settlement.png

Fine Deduction

Full and Final Settlement2.png