How to setup the Payroll?

How to setup the Payroll?


Introduction

Salary is a fixed amount of money or compensation paid to an employee by an employer in return for the work performed.


Payroll involves the administration of financial records for employees' salaries, including base pay, overtime, incentives, reimbursements, and deductions.


To process payroll in SalaryBox:


  • Define Payroll Period

  • Create Salary Structure with Salary Components (Earnings and Deductions)

  • Assign Salary Structures to each Employee via Salary Structure Assignment

  • Payout to employees

  • Generate Salary Slips



Let’s understand in detail.


Adding CTC Individually


Start by navigating to the > 'My Team' tab and selecting 'Salary Details.' Here, you have two options for adding CTC: One by One or in bulk.


To add CTC individually, click on an > employee's name and then select > 'Edit Salary.' You'll find multiple options to set the salary details, including:


  • Salary Type

  • Salary Structure

  • CTC Amount

  • Earnings

  • Employee Contribution

  • Deductions


For ease, choose between two options under > 'Salary Structure': SalaryBox Provided Breakdown or Custom. The SalaryBox option automatically breaks down the CTC according to salary compliances, while Custom allows you to tailor it as needed."


Once configured, simply save your changes to proceed.




Bulk Upload for CTC


Alternatively, you can add CTC via bulk upload. In the > 'Salary Details' section, select a > Salary type (Monthly, Daily, or Hourly) and click on > 'Update Staff Salary.'

Download the provided template to add the required details in one go. After filling it out, upload the template to reflect the details on your screen instantly.


With these options, managing CTC and allowances in SalaryBox is efficient and tailored to your needs.




Pending Action for Payroll


Let's explore the Pending Actions feature in SalaryBox, which provides insights into pending tasks that may impact salary calculations."


Under > 'Pending Actions,' you can view:


  • The number of payrolls that are not yet finalized.

  • Employees whose salary details are yet to be added.

  • Employees with unverified bank accounts.

  • Leaves pending your approval.


This feature ensures that you stay informed about pending tasks that require attention, optimizing your payroll management process.



Managing Advances


Under the > 'Advance' tab, manage advances by clicking > 'Pay Advance' and you will get two options:


  1. Pay Online

  2. Save Payment


By clicking on > Pay online, you can pay in advance via online methods.


By clicking on > Save Payment, you will be able to save the payment for the record or future by:

  1. Adding amount under > ‘Add Advance’ table

  2. Now choose > ‘Payment Date’ with the help of the calendar

  3. Further, you may add > ‘Notes’ and once done, Save the payment



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