Hi,
I m Jayshree, do not have much experience in HR.
I have got an oppurtunity to handle the payroll's department in a company, however I havent done this till now.
Can somebody let me know about the process right from the beginning?
i.e how to process the salary, what components should be considered, what about the deductions???
Please let me know ASAP.
Regards,
Jayshree
From India, Mumbai
I m Jayshree, do not have much experience in HR.
I have got an oppurtunity to handle the payroll's department in a company, however I havent done this till now.
Can somebody let me know about the process right from the beginning?
i.e how to process the salary, what components should be considered, what about the deductions???
Please let me know ASAP.
Regards,
Jayshree
From India, Mumbai
Hi
You need to have idea about the components of the salary. You should chalk out the salary details with the seniors or Finance colleagues.
Most of the taxable items like Basic,HRA,DA etc need to be given on monthly basis.
Certain items mentioned below can be given on annual/quarterly/semi-annual basis. You need to talk with Finance on these items
LTA (On annual basis)
Performance Bonus- As applicable (Yearly or semi-annual)
Travelling expenses- with supporting vouchers
Books and periodicals- Employees need to produce bills
Medical Expenses- Employees need to produce bills
Phone expenses-Monthly with Bills
This list is just indicative and details would vary. Any issue with the post you can clarify
Thanks
Papillon
From India, Mumbai
13You need to have idea about the components of the salary. You should chalk out the salary details with the seniors or Finance colleagues.
Most of the taxable items like Basic,HRA,DA etc need to be given on monthly basis.
Certain items mentioned below can be given on annual/quarterly/semi-annual basis. You need to talk with Finance on these items
LTA (On annual basis)
Performance Bonus- As applicable (Yearly or semi-annual)
Travelling expenses- with supporting vouchers
Books and periodicals- Employees need to produce bills
Medical Expenses- Employees need to produce bills
Phone expenses-Monthly with Bills
This list is just indicative and details would vary. Any issue with the post you can clarify
Thanks
Papillon
From India, Mumbai
Hi
I did not mention the process of recording attendance in the post. So you need to have proper system for attendance. i.e when you going to get all data,how you going to put absent mark/ how you would deduct the salary.
These operational issues are very important. So if you prepare flow chart for the process it would help you and finance. You can also prepare note for employees about the salary processing. So they would send all supporting documents by certain date. If you are very clear then most of the hassle can be avoided.
Thanks
Papillon:blink:
From India, Mumbai
I did not mention the process of recording attendance in the post. So you need to have proper system for attendance. i.e when you going to get all data,how you going to put absent mark/ how you would deduct the salary.
These operational issues are very important. So if you prepare flow chart for the process it would help you and finance. You can also prepare note for employees about the salary processing. So they would send all supporting documents by certain date. If you are very clear then most of the hassle can be avoided.
Thanks
Papillon:blink:
From India, Mumbai
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