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COMPENSATION AND PAYROLL

PAYROLL

Payroll module perfectly manages salary process for thousands of employees in a mere few minutes while incorporating employee salary, keeping in account all loans, provident fund, expenses and ad-hoc payments/deductions etc. Income tax calculation along with tax credit and advances complying FBR regulations are also very well accommodated in the system.

PROVIDENT FUND

Employee provident fund integrates with the salary module, automatically deducts employee and employer contribution from salary, passing it on to provident fund module in a seamless manner. The system has the capability to calculate and distribute annual profit on the provident fund investments.

GRATUITY

Helps an organization maintain the gratuity amount payable to an employee, able to generate provision for individual gratuity payable as well as the gratuity liability of the whole company. It provides the necessary ease to configure user-defined varying policies in the formula.

PENSION

Pension module provides the mechanism to calculate the Pension contribution and pension provisions. It provides a complete mechanism to calculate the pension contribution while an employee is on a job and once an employee is retired, it caters to the post-retirement pension payment process to an employee and his dependents.

LOANS / ADVANCES

Loan/Advance caters to all the requirements and functions related to Employee Loan Accounting. All loans including PF loans are handled in this module.

This module is completely integrated with other modules of Harmony suite. Once it is integrated with Salary module it automatically provides loan installment deduction with markup accrual or deduction. The module also provides markup differential required under local laws to calculate income tax liability.

FINAL SETTLEMENT

Final settlement module takes care of the dues and liabilities of an employee upon his/her departure. This particular module helps in calculating salary, notice pay, expenses, leave management, etc. Integrated with other models of the Harmony solution, it provides a mechanism for loan, fund, gratuity, and pension settlements with accurate income tax calculation.

EXPENSE MANAGEMENT

Expense module takes care of the expenses that are reimbursed to employees. Nature of this expense can be medical, travel, fuel, maintenance, entertainment, etc. A comprehensive mechanism is provided to configure user-defined expenses and to ensure employee expenses remain within the entitlements for that employee. It integrates with all necessary Harmony modules, along with payroll module in order to calculate income tax.

FUND ACCOUNTING

Fund accounting module provides a complete mechanism to record the general Ledger entries related to funds. Its flexible approach facilitates user-defined chart of account which can be linked to various funds. Apart from voucher generation from payroll and provident fund, there is a facility to enter manual vouchers. Journal, General Ledger, Trial Balance, Income Statement and Balance Sheets are key reports of this module.

PAYROLL / PROVISION JV

The module helps in generating Journal Voucher for the financial system used by the company. It provides a mechanism to configure user-defined cost centers and their allocation. Using this information it generates an interface file that can be uploaded to the financial system. Apart from the detail of payments and deductions it also generates vouchers for various Funds, while providing a mechanism to generate provisional Voucher for various benefits.

OVERTIME

Overtime takes care of the calculation and disbursement to employees concerning overtime while its user-defined formula gives the user a flexible approach in calculating other related items such as conveyance, meals, etc. A complete integration with salary module is provided if payments are made with payroll, with the ability to calculate income tax. In case payments are made outside payroll, a complete disbursement process is available.

BONUS

Bonus module uses a flexible approach where the user can define their customize formula of bonus based on various factors such as individual performance and company’s performance in order to calculate bonus calculation and disbursement activity. A complete integration with salary module is provided if payments are made with payroll, with the ability to calculate income tax. In case payments are made outside payroll, a complete disbursement process is available.

EOBI/ESSI

Employee old-age Benefit (EOBI) and Employee Social Security (ESSI) contributions are part of Harmony, providing a complete mechanism for the contribution from employee and employer. Various statements, registers and statutory reports are part of this module while providing an interface with salary and other related modules. It uses a flexible approach where the user can define their own formula for the calculation.

WPPF

This particular module takes care of the Workers’ profit participation fund calculation and disbursement activity. It uses a flexible approach allowing the user to define their own formula of WPPF based on various factors such as company’s profit and different employee categories.

A complete disbursement process is available if the payment is made outside payroll. In case payment is made with payroll it has integration with the Payroll module with the capability to calculate income tax.

PAYROLL BUDGETING / PLANNING

Payroll Budgeting and planning takes care of all compensations elements, whether cash or non-cash. Integration with the Payroll module automatically lets it take the current head account and their payment data, and projects the budget requirements for the next year considering the planned head-count. A one-time setup is required to incorporate the existing payments and provisions at the start of the module; thereafter only new payments and provisions are required to be entered. The system has the capability to calculate the exact financial requirement and its cost, future plans to induct people and expected salary rise that company intends to incorporate.