Processing full and final settlement is a legal requirement that must be performed when an employee is leaving an organization, either voluntarily or involuntarily.
To update the variable components in the full and final settlement, the admin must perform the following actions:
- From the greytHR Admin login, navigate to Payroll > Payroll Inputs > Salary. The Salary page opens.
- Type and search for the name of an employee, whose variable components you want to update.
- Expand the Gross component and click the Edit icon appearing adjacent to Incentives. The Edit: INCENTIVE dialog box appears.
- Click Add. A row appears with various editable and non-editable fields.
- In the Amount field, type the values you want to update.
- In the Remarks field, type remarks, if any.
- Click Save. A message appears stating that your details are saved successfully.
- Click Close.
- Click Process Payroll for the changes to reflect.
Note: You can repeat the same process for updating other variable components.
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Related Links:
❓FAQs: To read more FAQs about Full and Final Settlement, click here.
📃Documentation:
- To learn more about the Full and Final Settlement, click here.
- To learn more about the Salary page, click here.
▶Video- To watch the video on the Full and Final Settlement, click here.
📢Product Update- To read about the product update, click here.