The Payroll Processing Module in our HRM system is designed to manage all aspects of salary calculation, payment distribution, and compliance. This module ensures accurate and timely payroll processing, integrates seamlessly with attendance data, and maintains compliance with local regulations.
Payroll Processing
A Comprehensive Guide for Accurate Payroll Calculations
Features of Payroll Processing Module
Daily and Monthly Salary Processing
- Daily Wage Calculations for Casual Workers: Computes daily wages for casual or hourly workers based on the number of hours worked, ensuring accurate pay for variable work schedules.
- Monthly Salary Processing with Statutory Deductions: Manages monthly salary calculations, including automatic deductions for taxes, benefits, and retirement contributions, ensuring compliance with statutory requirements.
Calculation of Wages, Taxes, and Deductions
- Automated Tax Calculations and Updates: Performs automated calculations for taxes based on current rates and regulations, with regular updates to reflect changes in tax laws.
- Deductions for Benefits, Retirement, etc.: Handles various deductions, including benefits and retirement contributions, ensuring accurate processing in alignment with employee choices and company policies.
Direct Deposit and Check Generation
- Multiple Payment Methods: Supports various payment methods including direct deposit and checks, accommodating different employee preferences and ensuring timely salary distribution.
- Batch Processing and Payroll Runs: Facilitates batch processing for payroll runs, allowing for efficient management of multiple employee payments in one go.
Tax Reporting and Compliance
- Compliance with Local Tax Laws: Ensures adherence to local tax laws, such as Sri Lanka PAYE, EPF, and ETF, by generating required reports and maintaining compliance with regulations.
- Automated Tax Form Generation: Automatically generates necessary tax forms and reports, simplifying the tax reporting process and ensuring accurate submission to authorities.
Time and Attendance Integration
- Seamless Integration with Time and Attendance Module: Integrates with the time and attendance module to accurately reflect work hours, overtime, and absences in payroll calculations.
- Automatic Overtime and Absence Impact on Payroll: Adjusts payroll calculations based on overtime and absence data, ensuring that all variations in employee work patterns are accounted for.
API Integration for Accounting Software
- Connect Salary Payment Requests to Accounting Software: Provides integration with accounting software for smooth transfer of salary payment requests, facilitating accurate financial record-keeping.
- Automatic Voucher Creation and Approval: Automates the creation and approval of accounting vouchers for salary payments, streamlining financial processes and ensuring accurate documentation.
Salary Bank Report (SLIP Format)
- Generate Salary Bank Reports in SLIP Format: Produces salary bank reports in SLIP format for compatibility with banking systems, facilitating automated salary transfers.
- Facilitate Auto Bank Transfer for Employee Salaries: Supports auto bank transfers for employee salaries, ensuring timely and accurate payment of wages
EPF/ETF Standard Report Formats
- Generate EPF/ETF Reports in Standard Formats: Creates EPF and ETF reports in required formats for compliance with local regulations.
- Integration with Government Portals for Submission: Integrates with government portals for the electronic submission of EPF and ETF reports, simplifying compliance and reporting processes.
