How to Setup Financial Configuration?
In ClayHR, The Financial Configuration provides an overview of user financial details, including Compensation, Deductions, and Taxes. It displays a list of existing Financial records, with the option to add new ones using the "New Financial" button. Users can also bulk import Financials via Excel using the Import Financials feature, which redirects to the User Import Page. Additionally, clicking on a Financial Type reveals a detailed page with specific Financial information for the selected Category, ensuring efficient management and visibility of user financial configurations.
Steps to Create New Financial
- Navigate to Financial Configuration under the ‘Compensation & Benefits’ Page using the path: Setup Menu > Compensation & Benefits > Payroll (Left Menu) > Financial Configuration.
- Click 'New Financial' on the Financial Homepage to create a new Financial.
- Add the UserName, Financial Type, Compensation Type, Financial Value, Currency, Period, Effective Date, End Date, Status, and Payroll Notes.
- You can also select the Financial Type as Compensation, Tax, Deduction (Post Tax), or Deduction (Pre Tax).
- For Financial Type Compensation, users can select a Compensation Type from a range of options, including Salary, Pay, Bonus, Incentive, Severance, Allowance, or Other, depending on the specific nature of the Compensation being categorized.
- For Financial Types such as Tax, Deduction (Post Tax), or Deduction (Pre Tax), the value can be either ‘Fixed’ or ‘Relative’.
- When the value is set to ‘Fixed’, it requires specifying both the Currency and the Period.
- For example, any employee who wants to contribute a fixed amount towards the Provident Fund can have a Pre Tax Deduction Financial set as follows:
- Similarly, any employee who is contributing 5% of his Basic Salary towards the Provident Fund can have a Pre Tax Deduction Financial set as follows:
- The User Status can be set to Active, Archive, or Provisional, reflecting the current state of the user's financial records.
- Users can save the financial details, and the updates will be immediately reflected on the Home Page for seamless tracking and visibility.
