How do I define an income base formula on a component?

How do I define an income base formula on a component?

This feature is available on all PaySpace editions

When adding a new component with an income base formula (defined income), the calculation can refer to various sources in the payroll for example, a specific component, the employee’s hourly rate or the employee’s package, to name a few. Besides including source types, you can also advise an amount in the calculation.

      Navigate > Configuration > Payroll > Payroll Config > Payroll Components

Step 1:  Create or edit a component and select the "click here to edit company income base" link to open the "Define The Income" window.

      

      

Step 2: Specify the number of lines in the custom calculation and insert its elements accordingly before selecting the "add income base" button. The window will close and save the component again.

      

    • Related Articles

    • Components | Income Base Formulas

      Overview Any pre-defined formula containing the words: Comp Income Base, requires an income base formula to be specified for the component to calculate. This article explores how to define an income base that is applied in the pre-defined formula: ...

    • How do I resolve the run error: "Income base required for component"?

      This feature is available on all PaySpace editions The run error "Income base required for component" will display when the income base for the referenced component has not been configured. Navigate > Config > Payroll > Payroll Config > Payroll ...

    • How do I override an Income Base for duplicate Components with different calculations?

      This feature is available on all PaySpace editions The "override formula" link allows for multiple instances of the same base component with each component following a specific income base setup. If the income base is edited using the "income base ...

    • How do I remove an income base that has been setup for a component?

      This feature is available on all PaySpace editions When adding a new component with an income base formula (defined income), the calculation can refer to various sources in the payroll for example, a specific component, the employee’s hourly rate or ...

    • Components | Editing a Component

      Overview To edit/reconfigure a component, select the "Edit" hyperlink on the right hand side of the applicable component, which will open a screen with numerous options. Edition This feature is available on all PaySpace payroll editions. Navigation ...