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PAY_IN_AFY_01 - Go Live!

PAY_IN_AFY_01 - Go Live!

TXBHW - Original Tax Base Amount in Local Currency   Vendor Master (General Section)  
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In this Customizing activity, you activate the switch to Alternate Financial Year functionality. You activate this functionality if the current pay date of your employees falls in the immediate next pay period, instead of the current pay period. For example, for March 2008 (Financial Year 2007 - 2008, the employee gets paid on April 5, 2008 (Financial Year 2008 - 2009).

Upon activation of this functionality, the system considers March as period 1 of the financial year and February as period 12, for accounting purposes. Hence the salary for March will be projected for 12 periods.

Caution

  • If you choose to activate this functionality, you must make sure that all exemption proofs of the employees must be submitted by February.
  • Once activated, you cannot switch back to normal financial year functionality.
  • Any kind of one time payments like bonus, applicable for February, made in March through Type A payroll (regular offcycle run) will be part of next Financial Y ear for accounting purposes. You must execute Type B payroll (correction run) if you require this to be accounted as part of previous tax year.
  • Once you activate this, you must set the payroll organization under Basic Settings, such a way that the period 1 is March, and period 12 is February.

Select the Activate indicator against the switch 40AY.

Note

After activating the switch you maintain the general settings for payroll. However while maintaining the settings for LWF, you must keep in mind the rates that each state specifies individually, the frequency of each contribution and Validity Date for LWF contributions.

The states specify their individual rates for LWF computation, the frequency of LWF contribution and Validity Date for LWF contributions under Customizing activity Assign Slab Code and Other Parameters for Each State of a Univ. Type.

For example, the LWF contribution frequency in Tamil Nadu is annual and it takes place in period 9. The validity date for Tamil Nadu is December 31. In Kerala, the deduction frequency is bi -annual, and it takes place in the third and ninth period. The third period has the validity date as June 30.






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