🔹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 [e-mail]

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 [e-mail]

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.

Link: https://cloud.pockethrms.com/Employee/employee/Profile?employeeID=764&module=monthlyinput&empstatus=1

For any queries, contact [e-mail]