Take-on Balances
Learn about take-on balances: what they are, why they matter, and how to input them correctly in Agrigistics.
Introduction
When transitioning to a new payroll system or starting part-way through the tax year, it's crucial to ensure that all prior financial transactions, earnings, deductions, and benefits are correctly accounted for. This is where take-on balances come into play.
What Are Take-On Balances?
Take-on balances represent the accumulation of financial data for each employee from the start of the tax year up to the point of transition. Essentially, they provide a snapshot of an employee's financial journey before using Agrigistics.
Why Are They Important?
Accuracy: Ensures that end-of-year figures, such as tax calculations and deductions, are precise, preventing discrepancies.
Continuity: Offers a seamless financial record, bridging the gap between the previous system or period and Agrigistics.
Compliance: Adheres to regulatory requirements, ensuring that all financial data is correctly reported to authorities like SARS.
Inputting Take-On Balances in Agrigistics
Preparation: Begin by setting up an Excel spreadsheet. Ensure it has columns for 'employee', 'SARS code', and 'total'. Populate this sheet with the relevant financial data for each employee from the current tax year up to your point of transition.
Contact Agrigistics: Once your spreadsheet is complete and verified, reach out to your client success manager at Agrigistics. They will guide you through the next steps.
Import Assistance: Our team will assist with the importing process to ensure that the data integrates seamlessly into the Agrigistics platform.
Example data for a single employee:
0258
3601
R25,856.33
0258
3607
R2,563.18
0258
4142
R3,665.25
0258
4141
R966.20
0258
4102
R1,852.33
ETI Take-on balances
0258
3
R5,000.00
R750.00
R12.50
R37.50
0258
4
R5,000.00
R750.00
R12.50
R37.50
0258
5
R5,000.00
R750.00
R12.50
R37.50
Exporting from previous payroll
Simplepay
Export all of the employee tax certificates in excel format. This can be used to generate a new excel file that can be imported for take-on balances.
Last updated
