Bonus payments and Net Pay Wizard

SmoothPay can work out the gross amount required to produce a net pay amount.

This example calculates the gross amount required to pay an "in-hand" bonus amount/

Preliminary step: make sure you have a bonus code set up for use

1. Select Codes..Allowances. Make sure there is a BONUS code set up. It's tax rule should be the Bonus payment category, and method of calculation should be "Units x Rate"

Next step/s: add allowance to staff pays

2. Choose Who To Pay, select the staff to be paid this period, click OK. 

3. Correct any current pay inputs before you set up the Bonus payment, as these affect the amount of tax calculated.

4. select Pay..Allowances..Add entry [+]..select your Bonus allowance code and enter the number of units (usually 1) and then click the [$] button - it displays a Net Pay Calculation Wizard

5. Enter the Net Amount you want the employee to receive (I'd suggest using the "For this pay period" option) and click OK.

6. The employee's net pay should have increased by the amount entered (within a cent or two usually, depending on tax and net pay rounding - esp. where staff are set up to receive their net pay in cash)

Have more questions? Submit a request

0 Comments

Please sign in to leave a comment.
Powered by Zendesk