Most organizations employ people under a number of categories, having different components of earnings and deductions. Payroll is governed by statutory regulations like PF, ESI, Professional Tax and there are a number of mandatory forms that need to be filed by the employer every month. The Payroll module of Sage Pocket Premium enables you to deal with these complications in a simple, automated manner.
Sage Pocket Premium has the following key features:
Employee master management
Sage Pocket enables the creation of a comprehensive employee master sheet containing all employee information pertaining to his education, training, past employment, current earning and deduction components, etc. Sage Pocket also allows you to upload employee photos, resume and other employee documents.
With Sage Pocket you can customize the fields that appear on the screen, their display name and their text type; set the specific components for earnings and deductions for each category and also specify formulas that need to be used for calculation of monthly salary for each category.
User related rights & Audit trail
Sage Pocket Premium edition allows you to set access rights for various levels of users
It also allows you to set an approval and audit mechanism for various master components. If the
Monthly Payroll Processing
Using Sage Pocket, based on the variable data entered, one can process salaries for the given month. It also allows you to compute PF and ESI as applicable for each employee. Processing logic is based on the formula set for various earnings and deductions to arrive at each employee’s monthly earnings automatically. Due to its integration with leave, the necessary leave information such as number of leaves availed and loss of pay etc. are also considered while calculating monthly earnings.
Grade based bonuses can also be computed as per company policy. Loans that have been availed of from the company and related deductions are also included at the time of salary computation. Payslip format and settings can also be configured by the user. Payslips are generated in pdf format which can be mailed to employees.
Supplementary days’ payment
While computing salaries if there are any supplementary days for which an employee has not been paid due to various reasons like late joining etc. then the corresponding pay is carried forward as arrears to the following month and paid along with that month’s salary.
Loss of Pay credit
Should there be any issues with the loss of pay calculation where the loss of pay was wrongly calculated in earlier months, can be reversed in the following months. The pay structure of those months would be used to give the LOP credit
Increments, Promotions and Transfer Management
Sage Pocket allows you to record employee information such as increments or transfers.. If the increment is retrospective the arrears can also be calculated for the said period and added to the monthly pay. There is also a provision for recording separations from the company, issuing stop payment on their monthly payroll and calculating and processing their full and final settlement.
Statutory Compliance
Sage Pocket makes available PF form 12a, PF form 5, PF form 10, PF form 3a, PF form 6a, PF summary and extract, Form 2, PF challan, ESI form 6, ESI form 7 and ESI extract.
Statutory regulations like PF, ESI and Professional Tax can be set and deducted from salaries, on the basis of earning slabs, state-wise government regulations and other considerations. Sage Pocket also helps you to maintain records of monthly and annual PF, ESI and Professional tax returns.
Report generation
You can also create customized reports with select masters, components and bank templates using the report wizard for data such as depart-wise employee head count, employee age group etc.
Loan Management with interest calculation
Sage Pocket professional edition allows you to manage employee loans with interest calculation on reducing balance. It therefore allows you to recover your money with interest.
It enables you to track loans and salary advances to employees and maintains a separate loan ledger for each employee. It also helps in loan recovery from the employee by integrating with the payroll computation and payment.
Import & Export from excel
Sage Pocket allows you to flexibly import and export data from pre-existing excel sheets by configuring fields in the excel sheet to the related field in the Sage Pocket software. This is a feature that sets it apaprt from other payroll applications.
Calculation of Income tax is another routine and pain staking activity that needs to conform to government regulations and norms. Sage Pocket allows you to automate this activity for greater efficiency and accuracy.
This module comes with the following features:
Employee Declaration management
It allows you to enter employee declarations of investment under each section and also upload proof documents for these declarations. It also enables you to keep a record of pending declaration documents and generate MIS reports.
Income Tax updation to payroll
Sage Pocket Income Tax module calculates the monthly income tax for each employee on actuals on the basis of proof and declarations and updates the TDS in the payroll module during the computation of monthly salaries.
Form generation
It allows you to create TDS worksheets and Form 16 whenever required. Similarly it enables you to generate quarterly and annual TDS related data in excel sheet
Different organizations follow different leave policies and the leaves allotted against each leave type, such as casual leave, earned leave, sick leave etc., may also vary. Employee leave data needs to be captured on a daily basis for accurate salary computation.
Sage Pocket’s Leave Module helps you to:
Track Leaves
It keeps track of leaves taken by employees and maintains a daily attendance register which is transferred at the end of the month to the payroll module.
Define Leaves
It enables you to create dynamic leave types like casual leave, sick leave etc. and define and update rules for each of these leave types. It also allows you to define the various types of leaves that each employee is entitled. The easy reporting feature enables reports to be generated at the touch of a button
Dynamic Definitions
The Sage Pocket Benefit Module allows you to set CTC related reimbursements, define dynamic reimbursement components like fuel, transport, medical etc. for each employee.
Bundle with Pay or singly
It gives you the option to link the reimbursement with the payroll module or else to pay it outside of the salary.
Accumulation and Increments
If the monthly reimbursement entitlement is not availed of entirely then the residual amount accumulates till the end of the financial year when it is taxed and paid to the employee. The reimbursement module is also linked with increment in the payroll module, as well as the full and final settlement.