Difference between revisions of "Salary Configuration"

From JUNO Wiki
Jump to: navigation, search
(Created page with "== '''Prerequisite''' == Finance Policy and Renewal Detail Policy should be configured == '''Roles''' == Finance Admin == '''Path''' == Salary » Salary Configurations == '...")
 
(Step by Step)
 
(8 intermediate revisions by the same user not shown)
Line 1: Line 1:
 
== '''Prerequisite''' ==
 
== '''Prerequisite''' ==
Finance Policy and Renewal Detail Policy should be configured
+
* Institute Level Finance Policy should be configured.
 +
* Renewal Detail for the Policy should be configured
  
 
== '''Roles''' ==
 
== '''Roles''' ==
Line 9: Line 10:
  
 
== '''Purpose''' ==
 
== '''Purpose''' ==
'''1.Salary Components'''
+
'''Salary Components'''
  
 
1. Configuring components on which salary calculation is based.
 
1. Configuring components on which salary calculation is based.
  
2. Defined by default five basic components       
+
2. Salary components are defined by five basic components:        
* Pay-In-Pay Band (Entered while employee upload)
+
* Pay-In-Pay Band  
* Grade Pay (Entered while employee upload)
+
* Grade Pay  
* Academic Grade Pay (Entered while employee upload)
+
* Academic Grade Pay
* Basic Pay (Although entered while employee upload, recalculated every month)
+
* Basic Pay
* Consolidated (If the employee is not on scale)
+
* Consolidated
3. Can Add/Edit components of  following types  
+
3. We can Add/Edit components for following types:
 
* Addition
 
* Addition
 
* Deduction
 
* Deduction
* Formula based
+
4. Components can be defined either formula based or manual entry.
* Manual
 
4. Set formulas of each component (except manual) for respective post types at once.
 
  
5. Each components needs to be defined in terms of whether
+
5. Set formulas of each component (except manual) for respective post types at once.
* It is core salary variable or an additional component
+
 
* It is formula based, slab based or manual (e.g. 80*BASIC, if Basic in       range 0-4200 then 1600, or manual value)
+
6. Each component needs to be defined in terms of whether:
 +
* It is core salary variable or an additional component.
 +
* It is formula based, slab based or manual (e.g. 80*BASIC, if Basic in range 0-4200 then 1600, or manual value)
 
* Is it Part of a group (DA-60%, DA-72%, DA-83% all are grouped under common name DA)
 
* Is it Part of a group (DA-60%, DA-72%, DA-83% all are grouped under common name DA)
 
* Should it be recalculated every month or carry forwarded (applicable only for manual variables)  (DA vs. Loan Amount)
 
* Should it be recalculated every month or carry forwarded (applicable only for manual variables)  (DA vs. Loan Amount)
 
* Should it be paid with the salary or by a separate payment voucher (Salary amount vs. Medical Encashment)
 
* Should it be paid with the salary or by a separate payment voucher (Salary amount vs. Medical Encashment)
6. Arrear components are added automatically when parent is added.  
+
7. Arrear components are added automatically when parent is added.  
  
'''2. Set Component Priority'''
+
'''Set Component Priority'''
 
# For each component, its priority need to be set.
 
# For each component, its priority need to be set.
# '''“Component Priority'''” means that when amount is calculated using respective formula, dependent component amount should be available. (e.g. Gross Salary depends on Basic Pay + DA + HRA... etc. thus before gross amount is calculated, Basic Pay / DA /  HRA amounts should be available for calculation.)             
+
# The order of the execution of the components will depend on another property for each component. Thus '''“Component Priority'''” can be defined as whenever amount is calculated using respective formula, dependent component amount should be available. (Eg: If we have a TDS parameter for which the formula has been set as 10% of Basic Pay + Flat Allowance + DA, then priority for TDS parameter should be set after these three parameters as it is dependent on the values entered for these components.)             
#  Priority is set by default for Pay-In-Pay Band, Grade Pay , Academic Grade Pay, Basic Pay and Consolidated components.
+
#  Priority is set by default for Pay-In-Pay Band, Grade Pay , Academic Grade Pay, Basic Pay and Consolidated components.
      4.  Thus, after adding/editing components, their priority needs to be set.
+
#  After any addition of the component or after editing the existing component, its priority needs to be set.  
 
+
'''Tax Structure'''
'''3. Tax Structure'''
 
  
 
1. '''Tax Slab'''  
 
1. '''Tax Slab'''  
  
a. Tax slabs can be configured for the following  
+
a. Tax slabs can be configured for following conditions:
 
*  Male (Below 60 years of age)
 
*  Male (Below 60 years of age)
 
*  Female  (Below 60 years of age)
 
*  Female  (Below 60 years of age)
Line 61: Line 61:
 
a.  Education Cess in percent can be defined.
 
a.  Education Cess in percent can be defined.
  
== '''Reflection'''     ==
+
== '''Reflection'''==
1.   As it is a configuration UI, its reflection will be visible from start point till the end.
+
* Based on the component type i.e. Basic / Addition /Deduction, the components are categorized on the UI.
 +
* Basic Components are listed in Blue background.
 +
* Addition components are listed in Green Background.
 +
* Deduction components are listed in Red Background.
 +
The color code is system defined and hence it becomes easier for the user to identify the component types.
 +
 
 +
== '''Step by Step'''==
 +
# Salary Configuration Menu
 +
[[File:Salary Configuration1.jpg|center|frameless|999x999px]]
 +
2. Add / Edit Component
 +
[[File:Add Edit Component.jpg|center|frameless|801x801px]]
 +
3. Configuring Salary Component
 +
[[File:Configure Component.jpg|center|frameless|981x981px]]4. Creating New Formula Configuration
 +
[[File:New Formula.jpg|center|frameless|798x798px]]5. Configuring Salary Component
 +
[[File:Configuring Component.jpg|center|frameless|1193x1193px]]6. Setting Salary Component Priority
 +
[[File:Component Priority.jpg|center|frameless|991x991px]]
 +
 
 +
7. Tax Slab
 +
[[File:Tax Slab.jpg|center|frameless|993x993px]]
 +
8. Tax Exemptions
 +
[[File:Tax Exemption.jpg|center|frameless|996x996px]]
 +
[[File:Tax Exemption2.jpg|center|frameless|994x994px]]
 +
9. Tax Addition
 +
[[File:Tax Addition.jpg|center|frameless|994x994px]]

Latest revision as of 07:46, 28 March 2020

Prerequisite

  • Institute Level Finance Policy should be configured.
  • Renewal Detail for the Policy should be configured

Roles

Finance Admin

Path

Salary » Salary Configurations

Purpose

Salary Components

1. Configuring components on which salary calculation is based.

2. Salary components are defined by five basic components:

  • Pay-In-Pay Band
  • Grade Pay
  • Academic Grade Pay
  • Basic Pay
  • Consolidated

3. We can Add/Edit components for following types:

  • Addition
  • Deduction

4. Components can be defined either formula based or manual entry.

5. Set formulas of each component (except manual) for respective post types at once.

6. Each component needs to be defined in terms of whether:

  • It is core salary variable or an additional component.
  • It is formula based, slab based or manual (e.g. 80*BASIC, if Basic in range 0-4200 then 1600, or manual value)
  • Is it Part of a group (DA-60%, DA-72%, DA-83% all are grouped under common name DA)
  • Should it be recalculated every month or carry forwarded (applicable only for manual variables) (DA vs. Loan Amount)
  • Should it be paid with the salary or by a separate payment voucher (Salary amount vs. Medical Encashment)

7. Arrear components are added automatically when parent is added.

Set Component Priority

  1. For each component, its priority need to be set.
  2. The order of the execution of the components will depend on another property for each component. Thus “Component Priority” can be defined as whenever amount is calculated using respective formula, dependent component amount should be available. (Eg: If we have a TDS parameter for which the formula has been set as 10% of Basic Pay + Flat Allowance + DA, then priority for TDS parameter should be set after these three parameters as it is dependent on the values entered for these components.)
  3. Priority is set by default for Pay-In-Pay Band, Grade Pay , Academic Grade Pay, Basic Pay and Consolidated components.
  4. After any addition of the component or after editing the existing component, its priority needs to be set.

Tax Structure

1. Tax Slab

a. Tax slabs can be configured for following conditions:

  • Male (Below 60 years of age)
  • Female (Below 60 years of age)
  • Senior Male (Above 60 years and below 80 years of age)
  • Senior Female (Above 60 years and below 80 years of age)
  • Super Senior Male (Above 80 years of age)
  • Super Senior Female (Above 80 years of age)

2. Tax Exemptions

a. Tax exemptions or monetary exemptions both heads and subheads can be added here.

b. Exemption limits, WEF (with effect)Date and type i.e. Formula/Manual and/or Addition/Deduction can also be set.

3. Tax Exemptions Additional

a. Education Cess in percent can be defined.

Reflection

  • Based on the component type i.e. Basic / Addition /Deduction, the components are categorized on the UI.
  • Basic Components are listed in Blue background.
  • Addition components are listed in Green Background.
  • Deduction components are listed in Red Background.

The color code is system defined and hence it becomes easier for the user to identify the component types.

Step by Step

  1. Salary Configuration Menu
Salary Configuration1.jpg

2. Add / Edit Component

Add Edit Component.jpg

3. Configuring Salary Component

Configure Component.jpg
4. Creating New Formula Configuration
New Formula.jpg
5. Configuring Salary Component
Configuring Component.jpg
6. Setting Salary Component Priority
Component Priority.jpg

7. Tax Slab

Tax Slab.jpg

8. Tax Exemptions

Tax Exemption.jpg
Tax Exemption2.jpg

9. Tax Addition

Tax Addition.jpg