The company settings for payroll page allows a user to provide the company details required for statutory reports. This functionality is applicable to Indian companies only.
Note: The option to setup company information and financial details also appears in the Setup mode of Empxtrack Free Payroll and HR Software.
To configure company settings, you need to:
1. Log into the system as HR Admin/ HR Manager.
2. Go to Settings page and scroll down to Payroll Settings section. Click Configure Payroll link.
3. The Global Settings page appears as shown in Figure 1. Click on the Company wise settings tab from Payroll Settings shortcuts.
Now the Company Settings page appears where you can setup company information. This information is required for generation of various statutory forms.
4. Select the company name from Company dropdown as shown in Figure 2.
Once the company name is selected, the section to input company information appears as shown in Figure 3.
5. Provide the company’s head office address in Company Address fields. Provide the Country, State, State code, City and Zip code details of the office in their respective fields, as shown in Figure 3.
6. Provide the phone number of the authorized signatory in the Phone Number, along with giving Email Id and STD code of the organization.
7. Provide Company financial details in the next section to meet compliance as shown in Figure 4.
Note: Empxtrack supports New and Old tax regimes in its all product versions.
8. Select name of the bank where company accounts are managed from the Company bank name dropdown.
9. Provide the GST number in the respective textbox. This helps in crediting the GST taxes to the user account when Empxtrack product is purchased.
10. Select the options for ESI and PF from the respective dropdowns labelled as Employee eligible for ESI and Employee eligible for PF. Provide ESIC account number and PF establishment code in the textboxes.
11. Set a limit for maximum employee PF deductions and maximum company PF contribution by using the options from the dropdown.
12. Select the preferred tax regime for your employees from the Opt income tax regime dropdown.
Note: Empxtrack supports both the investment based tax regime (old regime) and non-investment based tax regime. Employees can override the option on their personal preferences too.
13. Define Labour Welfare fund deduction by making the preferred choice from the given options.
14. Click Update.
The details of the company are successfully saved and a message suggesting the same appears on the screen.
Click on the following links to know more about them:
- Perform Payroll Configurations
- Setup Payroll Variables
- Setup Variables for Payroll Reports
- Setup Salary Structures
- Add Salary Heads to a Salary Structure
- Assign a Salary Structure to Employees
- Upload Salary Structure
- Upload Past Salaries for Employee
- Download Employee Salaries
- Setup Investment Declaration
- Perform Company Settings for Payroll
- Design Pay Slip
- Setup Claim Variables