🔹Salary Component
1. How to create a loan advance component?
Step 1: Log into the cloud portal, go to the ‘Settings’ menu and under the ‘Payroll’ tab click on the ‘Salary Components’ subtab.
Step 2: Click on the ‘Deductions’ sections and click on the ‘+’ icon towards the upper right corner of the screen.
Step 3: Enter the ‘Field Name’ and the ‘Label Name’ in the respective fields. Under the Behaviour section tick ‘Include Gross Deduction (Y/N)’ checkbox.
Step 4: Tick the ‘Installment (Y/N)’checkbox and under it ‘Installment Type’ dropdown will appear, then select ‘EMI With Interest’ option. Enter the number of percentages in the ‘Interest’ field and click on the ‘Save’ button. The loan component will be added accordingly.
Path: Cloud Portal>Settings>Payroll>Salary Components>Deductions>click ‘+’ icon>Field Name>Include Gross Deduction (Y/N)>Installment (Y/N)>Installment Type-EMI With Interest>Interest-number of percentages>Save
Link: https://cloud.pockethrms.com/Settings/Employee/Index?module=payroll&submodule=salarycomponent
For any queries, contact [email protected]
2. How to update or change interest for loan?
First you need to ensure that the loan advance component is created. If you have already created the loan advance component to ahead with the following steps.
Step 1: Log into the cloud portal, go to the ‘Settings’ menu and under the ‘Payroll’ tab click on the ‘Salary Components’ subtab.
Step 2: Click on the ‘Deductions’ sections then find the Loan component in the list, click on the respective ‘3 Dots’ and select the ‘Edit option’.
Step 3: Select the ‘Installment Type’ as ‘EMI With Interest’ option. Enter the number of percentages in the ‘Interest’ field and click on the ‘Update’ button. The loan component will be updated accordingly.
Path: Cloud Portal>Settings>Payroll>Salary Components>Deductions>Find the Loan component>click ‘3 Dots’>Installment Type - EMI With Interest option>Interest> number of percentages>Update
Link: https://cloud.pockethrms.com/Settings/Employee/Index?module=payroll&submodule=salarycomponent
For any queries, contact [email protected]
3. How to add a new salary deduction component for monthly input?
Path: Cloud Portal > Setting > Payroll > Salary Component > Deduction > click ‘+’ Icon > Field Name > Behaviour -tick ‘Include ‘Gross Deduction (Y/N)’ and ‘Monthly Input (Y/N)’ fields > Save
Step 1: Log into the cloud portal, go to the ‘Settings’ menu and under the ‘Payroll’ tab, click on the ‘Salary Component’ subtab.
Step 2: Click on the ‘Deductions’ section and then click on the ‘+’ icon towards the upper right side of the screen.
Step 3: Enter the ‘Field Name’ and under the ‘Behaviour’ section tick the ‘Include ‘Gross Deduction (Y/N)’ and ‘Monthly Input (Y/N)’ fields so it can be deducted in the monthly input and click on the ‘Save’ button.
Note: Once you add the salary deduction component you can add it in the salary structure for particular category to be deducted through monthly input.
For any queries, contact [email protected]
4. How to add EPF or arrear EPF salary component?
To add EPF or arrear EPF salary compoTo add the EPF or Arrear EPF salary component, follow these steps mentioned below and proceed with point 4.1 (define the EPF formula step) after completing the below step:
Path: Navigate to Cloud > Settings > Payroll > Salary Components > Deductions > Click the plus (+) icon > enter the initial letters of the field name > and provide the component name under Label Name > Select the appropriate behaviour > Save.
Step 1: Log in to cloud portal, go to ‘Settings’ menu, select ‘Payroll’ from the tab and click on ‘Salary Components’.
Step 2: Select ‘Deductions’, and click on the ‘Plus icon’ on the right.
Step 3: Enter the initial letters of the ‘Field Name’, provide the component name under ‘Label Name’, select ‘Behavior’ as per your requirement, and click on ‘Save’.
Link:https://cloud.pockethrms.com/Settings/Employee/Index?module=payroll&submodule=salarycomponent
Once the component is created, proceed to define the EPF formula:
4.1 Process to Define EPF formula.
To define the EPF formula please follow the path and process mentioned below:
Path: Cloud > Settings > Payroll > Salary Structure > Select the relevant Category from ‘Deduction Formula’ > Click the three dots next to the newly created EPF component > Select Edit > Choose ‘Direct or Percent’ component, ‘Rounding’ and ‘Order No.’ > Save.
Step 1: Log in to cloud portal, go to ‘Settings’ menu, select ‘Payroll’ from the tab and click on ‘Salary Structure’.
Step 2: Select Relevant category (from’ Deduction formula’ field), Scroll to search the newly created EPF component in the above step (eg.epfArrear 2025), click on ‘3 dots’ on the right, next to the component, and select ‘Edit’.
Step 3: Choose ‘Direct or Percent’ component, ‘Rounding’ and ‘Order No.’ and click ‘Save’.
Link:https://cloud.pockethrms.com/Settings/Employee/Index?module=payroll&submodule=SalaryStructure
For any queries, contact [email protected]
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