Payroll

è Introduction

Far Vision ERP calculates payroll for daily paid employee (labor) as well as monthly paid (management) employees and caters to overtime pay calculations as per the local labor laws. The system also caters to various leave categories and tracks employee leave depending on his category and also caters to the requirements of leave pay passage. Far Vision ERP provides for automatic generation of journal vouchers for finance department.

Far Vision ERP gives you the flexibility to select employees for payroll processing for the month and provides for exception reports. The benefit is, if an employee leaves the company / is terminated. In the middle of the month, you have the option of processing only his payroll for final settlement, Instead of waiting till the end of the month to process his settlement with the normal payroll run.

Far Vision ERP provides the option to print pay-slips for employees as well as bank transfer letters.

Far Vision ERP also keeps track of employee's personnel details such as Passport, dependents passports, visas, leave facilities, salary benefits, allowance, attendance details, overtime etc.

The Payroll Module provides complete and flexible methods of managing your payroll calculations. As with other modules, this module is integrated with the Far Vision ERP General Ledger and Budgeting module and offers majors advantages in improving payroll calculations.

è Key Features

Systems enables defining earnings/deductions at grade, job title etc. level which can further be referenced at employee. The level (i.e. Grade, Job Title etc.) can be user-defined.The earnings/deductions heads, currency in which amount to be paid, foreign currency amount, local currency amount can be specified.

è Salary Change Due to Promotions/Transfers/Contract Type Change

When an employee is promoted or transferred or when contract type of employee changes, his/her salary would also change. System enables capturing of salary revision information while capturing information about promotions, transfers or contract type change.

è Salary Revision

System enables capturing revision which would not be as a result of promotions, transfers etc. But which could be based on management decision to change the salary.

è Attendance

System enables capturing attendance information for all the employees. The payments for all variable earnings/deduction are done as per the number of days the employee is present. Payments for all fixed earnings/deductions are done for the complete payroll period in spite of any number of days of absenteeism. System also facilitates generating attendance records automatically for monthly paid employees where only the required details can be changed.

è Overtime

System enables capturing of overtime information for the employees. System facilitates overtime payment in the current processing period or in the next processing period based on company policy for overtime payment. System facilitates user-defined overtime rates specifying minimum hours criteria & maximum hours in a month ceiling.

è Leave Salary Payment

System enables payment of leave salary based on leave period approved by management. System also caters to adjustment of leave salary in case of leave cancellation or prior/later resumption then the date of expectation of resumption.

è Non -Monthly /Adhoc /In-kind Payments

System enables capturing of information for payments done for quarter, half year or for annual for any user defined period. (E.g. Housing allowance can be paid to employee for year or for six months etc.)

è Adhoc

System enables capturing of information for payments done adhoc which are not part of payroll but can be as a result of reimbursement of petty cash voucher etc.

è In-Kind Payments

System enables capturing information for payments done in a form of In-Kind. These payments are not part of payroll but are captured in the system for information purpose.

è End of Service Benefits

System enables calculation of end of service benefit for the employee based on his joining date and end of service date. End of service can be as a result of termination, resignation, death, retirement etc.