SimplePay has a built-in item to accommodate the special tax and reporting requirements related to savings. There are two steps you need to follow:
Setting Up Savings Deduction
To add employee savings, go to an employee’s profile and click on Add (next to Regular Inputs) > Savings.
Regular deduction is the total amount that will be deducted from the employee’s pay each period.
If the employee already has a balance on their savings, you can enter that amount under Payslip Inputs, as discussed below.
Editing Savings Balance
To edit the savings balance, go to an employee’s profile and click on Savings under Payslip Inputs.
Use Balance Increase to capture an opening balance for the employee’s savings, in case savings for the employee have previously been captured off-system.
Check Pay out on current payslip to pay out the entire balance. If the payment should not be paid out as part of the employee’s nett pay, also check Paid out to third party.
Setting a Once-off Deduction will override any regular deduction defined for this savings item.