What's New in Zoho Payroll [Indian Edition]: December 2019

What's New in Zoho Payroll [Indian Edition]: December 2019

Hello, everyone, 


We are excited to bring you all the new features and enhancements we've rolled out in Zoho Payroll last month. Here are the major updates: 


Edit or opt out of post-tax recurring deductions 
This feature enables you to skip or change the monthly post-tax recurring deduction (such as store bills, loans, etc.) for a particular employee.

To do this:

  • Go to the Pay Runs module on the left sidebar.
  • Create a pay run for the payout month.
  • Select the employee for whom you want to change the deduction amount.
  • Click Edit, and change the deduction amount. If you want to skip the deduction for that month, enter 0 as the amount.


Create multiple earnings with the same component type

You can now create up to 5 earnings of the same component type (Basic, HRA, Conveyance Allowance, etc.) with different specifications. For component types such as Custom Allowance and Bonus, you can create up to 20 earnings. This way, you can have multiple salary templates for corresponding employees.
For example, let's say your organisation has two branches, one in a metro city and the other in a small town. You can create two HRAs, Metro HRA (50% of Basic Pay) and Non-Metro HRA (40% of Basic Pay), and associate them to your employees according to their work locations.

Here's how you can create a new earning using a component type:

  • Go to Settings > Salary Component.
  • Select Add Component > Earning.

  • Select the Earning Type, and enter the details.

  • Check Mark this as Active.
  • Click Save.

Select a new payday

Let's say you started using Zoho Payroll a year ago, and you've processed this year's payrolls so far. For some reason, you decide to change your organisation's payday from the 1st of every month to the last working day of every month. You can change this in Zoho Payroll, and continue processing payments.

To change your payday: 

  • Go to Settings > Pay Schedule
  • Click Change, and select the new payday.
  • Click Save.


Add account code with your bank details 

If you have integrated Zoho Payroll with Zoho Books, this update is for you. When you configure direct deposit, you can now add the account code along with your other bank account details. An account code is a unique identifier associated with a bank account under the Chart of Accounts in Zoho Books. The account code comes in handy while retrieving accounts to create transactions in an organization.
Once you add the account code, the associated payroll journal entries will be posted in Zoho Books.



Note: An account code will be mandatory if the option is checked in Zoho Books preferences.



Tracking loan disbursements and repayments
This update is for Zoho Payroll organisations that are integrated with Zoho Books. You can now track the cash flow of loans by choosing the bank accounts and/or petty cash accounts through which the loans were disbursed to employees.

Similarily, loan repayments received as cash or bank deposits can also be recorded in Zoho Payroll. You can manually record the payment in the Loans module with the account details. Here’s how:

  • Go to the Loans module.
  • Select the employee for whom you want to record a repayment.
  • Select Record Repayment.

  1. Enter the repayment amount.


OR 
You can set the Disbursement Account (Paid through Account) while recording the loan for an employee. Here’s how:
  • Go to the Loans module.
  • Select Record Loan.
  • Enter the details.
  • Select the account from which the loan was disbursed under Paid through Account.

The journal entries for these payments posted in Zoho Books will have the details of the particular account through which loans were disbursed or repaid.

 

Try these features out, and give us your feedback. You can always reach out at support@zohopayroll.com regarding questions or feature requests.


Sincerely,

Supriya
The Zoho Payroll Team

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