Components | Pre-Defined Formulas

Components | Pre-Defined Formulas

Overview

Pre-defined Formulas offer an indication of what type of input you will have to provide when adding the component to the employee’s record. A Pre-defined Formula can be as simple as inputting an advised amount to applying a complex calculation.

Edition

This feature is available on Lite / Premier and Master editions.
Navigate > Config > Payroll > Payroll Config > Payroll Components

Details

An Extract of the Catalogue Search Screen


Terminology: The Basics
To offer a better understanding of Pre-defined Formulas, the commonly used terminology is clarified below.




A component's predefined formula is displayed in italicised green under the component name on the Payroll Components screen.
Standard mathematical principles apply. For example, in the pre-defined formula: (Comp Income Base x EE Advised KMs) + EE Advised Amt, the income base specified will first be multiplied by the kilometres before any advised amounts are added.

Terminology: Standard Components
The Pre-defined Formulas of the standard components that are created when a company is registered are clarified below. Legislative components are excluded since those formulas are hardcoded.









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