Salary Calculations

Salary Calculations

Salary Calculation consists of various terms such as CTC, reimbursements, allowances, provident fund, insurance, etc in which often creates confusion within employees. In this particular section, the Finance Admin is able calculate / modify salary of employees for a particular month. This is a crucial role or the task the finance admin has to perform so as to calculate correct salaries for each employees.

Roles

1. Finance Admin
2. Leave Admin
3. Staff/Faculty

Path

Salary » Salary Calculations

Inputs Needed

• Salary components should be configured for each employee and their priorities should be set.
• Employee and component mapping should be completed.
• Employee service book should be filled and SALARY WEF DATE should be mentioned.
• Employee date of joining should saved in the system.
• Pay structure should be defined.
• Post wise priority should be set.
• If muster and salary calculation is integrated, then monthly muster should be freezed.

Functionality

• If Muster is integrated with salary calculation then the total number of days in a particular month, holidays (if any), LWP, payable days are mentioned for individual employee.
• The Finance Admin has the authority to modify the salary calculations if required. This can be done easily by downloading a blank template through which the amounts can be entered only for manual components. After making changes in the template the system has the functionality to upload the template. Once the template is uploaded, the system displays a success message, and we need to recalculate the salary by selecting a checkbox against the employee for whom the changes are to be done.
• These changes are reflected in all the other reports after the salary is been published.
• The system recalculates the salary and the net salary is calculated through the system.
• For formula based parameters, the values (amounts) are calculated by default by the system.
• For adhoc or contractual employees for whom the salary is not to be processed for a particular month, in that case the system has the provision, to locked out from the salary calculations.
• After the salary is published, the employees can view the same through their logins and can also download the same if required.