Full and final Settlement in Saral Paypack software

Hello, in this post we will learn the whole process of Full and final settlement in Saral PayPack software.

Full and Final Settlement is a process done before the employee leaves the organization due to resignation/retirement or termination. This process involves the process of settling all the due by the employer towards the employee and visa-Versa.

In Saral PayPack, the process of doing Full and Final Settlement (FFS) is as shown in the below explanation.

To begin with, go to Employee Details under Master menu.

Here, select the employee who has left the company and enter the employee Date of Leaving (DOL).

On entering the DOL, employee’s details like advance taken, loan, insurance etc. which are due for payment/receivable in the upcoming months will be displayed. Select the details and click on Adjust to add these details to FFS

Note: These details are to be noted for payment clearance before doing the FFS of the employee.

Next, go to Salary Transaction and select Full and Full Settlement

Click on Create to create the FFS account of the employee for whom settlement has to be processed.

On the displayed window, all the employees for whom DOL is entered in Employee master will be displayed. Select the required employee through their Emp Id/Ref No. or Employee Name.

Now, select the required options from the listed details to include them in the employee FFS;

Include last month salary: to include the details of previous month salary in detailed or as a summary.
In order to Include Pending Advance Amount: To include any pending advance taken details which are not adjusted earlier.
Include Open Component: To include all the Open component salary amount in FFS. You can also select the required components by going to the “…” button.
Include Held Salary Amount: to include any salary amount which was held during previous months.
Include Pending Loan Amount: If any pending Loan taken is available and not adjusted earlier, the details will be shown here to be included in FFS.
Settled before last month Salary Processing: This option is to be enabled if the FFS of the employee is to be processed before the monthly salary processing.

To include Gratuity and Leave Encashment in FFS, go to the relative buttons and process the details with option Include in FFS. This will auto take the respective amounts in FFS.

Note:

To create the FFS account for bulk employees, enable Bulk Create and flow the process as mentioned above.

After all the settings are done, click on Create to create the employee FFS account.

The Full and Final Settlement will be created for the employee and the detailed window will be displayed.

The employee’s Earnings and Deductions will be displayed with details. The employer can view the Asset details given to the employee at Emp. Asset and to get a view of detailed information of the employee i.e. monthly salary, statutory details etc. click on Checklist.