If your company is paying mid-month advance you can manage it with Swingvy Payroll. Once you add your employee in the mid-month pay schedule, Swingvy Payroll will include them automatically during the mid-month payout.
Setting up mid-month payroll in Swingvy Payroll
1. Activate the mid-month payEnable this function to activate the mid-month payroll in Swingvy
2. Choose mid-month pay date
The mid-month pay date is the date you would like to pay your employees, leave the default option as 15th of the month or choose other if is vary
3. Mid-month rate type
There are 2 options to choose from, by a fixed amount or by percentage
4. Mid-month rate
- If the percentage was selected, the employee mid-month advance will the basic salary multiply by the percentage
- If the amount was selected, the employee mid-month advance will be fixed at the amount defined in the settings
With this option checked, statutory for mid-month advance will be calculated during the mid-month payout. The mid-month statutory is only for reference purposes, the final statutory amount will be computed during the month-end payroll.
6. Assignee
You may assign the employee with mid-month advance from the selection here or you may also include them in the employee profile. Go to employee profile, bank and statutory and change the value in Pay Mid-Month to YES
Process mid-month payroll
- Mid-month payroll will be available in the pay run upon the activation of this function
- During the payroll processing, select the payroll period followed by the payroll type to mid-month advance
- All the active employees with the mid-month = Yes will be populated in the list
- The mid-month salary amount will generate base on the setting value in the payroll setting
- If there is no further adjustment, proceed the mid-month payroll to Step 3 for reports, bank payment and payslip
Process month end payroll with mid-month advance
- Once the mid-month payroll has completed, it will be consolidated in month-end payroll automatically
- The mid-month advance will be deducted in the month-end payroll, the amount deducted is the amount paid during the mid-month advance
- The final amount of statutory will be computed in the month-end payroll, base on the final income given to the employee during the month-end payroll