The Recurring Earnings / Deductions section stores additional earnings and/or deductions such as allowances, incentives, loan deductions, etc., which are kept track and can be individually reported on a per-employee or per-entry basis. All entries here are required to be specified with effectivity and expiration date. The Expiration date is dominant over the Outstanding Balance. This means that the system will stop applying the recurring entry if already expired even though there is a remaining balance. On the other hand, if the Outstanding Balance turns zero, the system will automatically stop applying the recurring entry even it is not yet expired.
To add a new recurring entry, click the insert button above the grid form the recurring section, then a rectangular window will appear as shown in the figure above. Enter the recurring data and click the OK button to save the current changes made or click Cancel button to disregard changes.
To edit a particular recurring entry, double click on the item you want to edit (or highlight an entry and click the grid editing tool button) to view a recurring information/details window. Change the value and click on the OK button after editing to save changes otherwise click Cancel.
To delete a recurring entry, highlight the entry and click the delete (– ) tool button. When prompted if you would like to continue with the deletion, click OK button if you want to continue with the deletion, otherwise click Cancel.
Note: Recurring earnings and deductions which are already applied or issued to payroll processing are not allowed to be deleted.
The fields that make up the Recurring Entry are described hereunder:
- Description – stores the description of the Recurring entry such as allowance, incentives, loans, etc. which are predefined. New recurring entry descriptions are remembered by the system as records are saved. Thus, when a new description is saved, that particular description will appear in the drill-down menu the next time the Recurring Entry window is opened.
- Type – stores the Recurring entry type, whether it is an earning or deduction
- Reference – stores the reference document number for SSS Salary loan payment, it can be found in the cheque voucher
- Date issued – stores when the new Recurring account was issued by the company
- Occurrence – stores the frequency of occurrence of the Recurring entry. You may select monthly, semi-monthly or one time only.
- Effectivity – stores the starting date when the recurring entry will take effect
- Expiration – stores the ending date of the effectivity
- Category – stores the category of the recurring entry to be referenced by the year-end reports. Categories are predefined in compliance by the
- Taxable – stores if the Recurring entry is taxable or not
- Original Amount – stores the original amount of the recurring entry.
- Total Amount – stores the total amount of the recurring entry (including interest if applicable such as SSS & Pag-ibig loans) where the amount per occurrence will be deducted from
- Amount – stores the amount to be applied per occurrence
- Balance – stores the remaining amount to be applied
- Foreign Currency – for employees whose earnings are in foreign currency
General Options:
- Enable this entry (Include this entry when processing payroll) – ticking this box will enable this Recurring Entry to take effect when processing the payroll.
- Attendance Dependent (This entry will depend on employee’s attendance) –ticking this box will make this Recurring Entry dependent on employee’s attendance, it means that this Recurring Entry will be applied only to the days the employee is present or based on settings found in Preferences->Settings ->Attendance-> Basis for Attendance Dependent Recurring Entries.
- Treat as WTax adjustment for inclusion in succeeding payroll periods – ticking this box will apply this Recurring Entry as Withholding Tax to succeeding payroll periods and will be posted to employee’s year-to-date Tax Withheld.
- Treat Recurring Entry as Regular Income – ticking this box will treat this Recurring Entry as regular earning each time it is applied.
- Confidential Recurring Entry – this option appears only if the user has access to confidential data. Ticking this option will make this entry invisible to restricted users.