Every function has its own crucial outputs, when it comes to Payroll, the most crucial output is the payment slips. Here we will be looking how easy it is to generate salary advances through the system and the level to which it is interconnected with other areas. Salary advances are common nowadays and is a routine activity that takes place every month.
The entry of payments is mainly used to generate the payment of the Net payable and the Prepayment (Salary Advances) of the employees. The authorized users are able to log to log and enter the payments.
Payroll > Payments > Entry of payments
The user has the option to select the necessary Payment type (Salary Advance, Net payable, etc.).
Note: The relevant account could be setup for each category.
For Example: Salary advance G/L Account could be selected if the payment type is salary advance. The payment type is not limited to any specific categories, based on the organization requirements this could be configured.
The employees are registered to a contract and therefore all payroll related transactions would be recorded against the contract. The amount and employee could be selected during the payment of entry. Some organizations have their own approval hierarchy, based on the conditions, we will be able to trigger approvals so that the transactions have to undergo the approval process before processing advance payments. The competitive edge of Sage X3 and X3 People is that the origin of this request happens from HR and ends in finance and robustly managed.
The integration of Sage X3 People with Sage X3 allows the financial entries to be generated automatically in the system. Therefore, the duplication of redundancy of work is eliminated. The Payment slip could be printed using the print option available within the function.
The below screen shows a log that automatically generates the journal entries upon the validation of payment slip.
Payment Balances
This is another vital inquiry which provides the provision to check the status of each employee’s internal account in real time. This account contains all the data pertaining to payments for a given employee at any given time (Net to pay, prepayments made, etc.)
This provides the proper guideline on how much salary has already been processes and the amount liable to be paid.
Salary Advance history can be checked in Prepayment detail grid as well keeping all previous transactions connected to the employee’s payroll.
Team RFR could help you to digitalize the payroll procedures using Sage X3 People and increase the productivity of your business. We will assist to get rid of your pain areas in payroll through smooth automated procedures using Sage X3 People.
Please reach us at info@rfrgroup-me.com and we will be more than happy to help you!