Savings
Manage and track employee savings with flexible schedules and tax-free payouts
Last updated
Manage and track employee savings with flexible schedules and tax-free payouts
Last updated
The Savings module in Agrigistics allows you to seamlessly manage employee savings by deducting specified amounts from their salaries on a weekly, fortnightly, or monthly basis. The system automatically maintains accurate records of each employee's savings balance.
When employees request to access their saved funds, these amounts can be conveniently disbursed directly through their pay slips, ensuring a streamlined and efficient process.
In Agrigistics, savings are configured as a specific type of deduction within pay run templates. This setup enables efficient management of various savings types while ensuring clarity and transparency on employees’ payslips.
Key features include:
Multiple savings accounts: You can easily separate and manage balances for different savings purposes. For instance, if an employee has a savings plan that is paid out annually but also wants a bonus to roll over to the next pay run, a separate savings account can be set up to handle that balance.
Once-off Savings Deductions: Allowing you to save a specific amount in a single pay run. Even without periodic deductions, the saved balance remains linked to the employee, ensuring it is tracked accurately until withdrawn.
Withdrawals: Withdraw their savings at any time, either by specifying a particular amount or withdrawing the full balance. All withdrawals are processed directly through the pay slip, ensuring a smooth and transparent payout process.
All savings balances are clearly displayed on the payslip to maintain transparency for the employee.
A savings pay run template in Agrigistics is created once and can be reused for multiple employees. Follow these steps to set up a savings template:
Navigate to Payroll > Settings > Pay run templates and click on the "Add template" button to get started.
Template name: Enter a name for the savings. This name will appear on the employee’s payslip and in reports.
Description (optional): Add any additional information. This description will also be displayed on the payslip.
Type: Select Deduction.
Deduction Type: Choose Saving.
SARS code: This field is disabled since all loans and savings are exempt from SARS reporting.
Set up a quantity (Optional): Skip this step if you only want to specify a specific rate per period.
You can link the savings template to a quantity metric, similar to other pay run templates. This allows you to create flexible savings based on employee inputs. For instance, you can connect overtime hours to the savings template so that employees can save their overtime earnings to be paid out at a later date.
Savings amount / Rate: Specify the amount that the employee will save each pay run period. If the amount is dynamic and needs to be adjusted for individual employees, leave this field as R0.
Click Add to save your new savings template.
After creating a saving template, you can assign it to an employee using one of the following methods:
Navigate to Payroll / Pay runs. Select the pay run where the employee is located, then manage the pay run templates.
Navigate to Payroll / Employees. Select the employee and manage pay run templates.
Once the Manage pay run templates panel is visible:
Select recurring or once-off template: The savings template can be added as either a recurring or a once-off template.
Once-off: The amount will be saved only for one pay period. The balance will still be linked to this employee even though there are no periodic decuctions.
Recurring: The employee will save the specified amount each pay period until either a withdrawal is made or the template is removed.
Select the Deductions tab and search for the savings template.
Select the savings template from the list. When hovering over it, you will see an option to override the values if needed.
Savings withdrawal or balance adjustment (Optional):
Withdrawal: If the employee has an existing balance, you can use this option to pay out that amount on their payslip. This will appear as a negative deduction, increasing the employee's pay without adding an earning.
Balance Adjustment: If the employee already has an existing savings balance, enter the updated balance here.
Override quantity (Optional): If a fixed quantity was configured when creating the pay run template, you can adjust the value here.
Savings rate: Specify the amount that will be deducted from the employee’s pay each period. This amount will be added to their savings balance.
Click on Create Override and then Add to save this template.
From the pay run screen, you can efficiently manage saving withdrawals, balance adjustments, and repayments for multiple employees at once using the bulk management feature.
To get started, navigate to Payroll > Pay Runs and select the desired pay run.
Select Employees: Choose all or specific employees within the selected pay run.
Click on Import Pay Run Templates
Select Import savings to open the bulk management panel.
Select the Saving to Manage: In the panel, choose the specific saving you want to bulk manage.
Choose the Values to Manage
Withdrawal: If the employee has an existing balance, you can use this option to pay out that amount on their payslip. This will appear as a negative deduction, increasing the employee's pay without adding an earning.
Balance Adjustment: Adjust the opening balances for the saving of all selected employees and provide saving repayment amounts. This is useful when the employees already have savings on other payroll platforms.
Repayment (Only): Adjust only the saving repayment values while leaving the balances and payouts unchanged.
Withdrawal / Balance Adjustment
Depending on the option selected in step 5, enter the necessary value or leave it blank if no changes are required.
Repayment value and Opening Balance
Review the current opening balance for each saving and adjust the repayment amounts as needed. Leave fields empty to keep values unchanged.
Bulk Actions
Copy & Paste: Copy values from one employee and use the paste option to apply them to other selected employees.
Remove: Remove specific employees from the bulk management list.
Manage Templates
Download & Upload Template: Download an Excel file to bulk edit or import values. Only employees in the current pay run will be included in the list. Any employees not found will be flagged as errors.
Set Uniform Amount: Use this quick action to apply the same amount to all employees in the list.
Select Once-off or Recurring: Choose whether the changes should be applied as a once-off or set as a recurring template for all selected employees.
Saving balances can be accessed and managed in three different locations:
Employee Pay Run View
Pay Run Cost Report
Payroll Loans & Savings Report
Below are detailed instructions for each option:
You can view opening and closing balances for individual employees and make adjustments as needed.
Navigate to the employee’s pay run view and select the Payroll tab.
To manage and review an employee’s savings within a pay run, follow these steps:
Select the Deductions tab: This will display all the deductions for the selected employee.
View Savings: All individual savings linked to the employee will be listed under their deductions.
Balances: These are shown as positive values, representing the total amount the employee has saved.
Opening Balance: Indicates the balance at the time the pay run was created, excluding any changes made in the current pay run. If a savings template was added during the current pay run, the opening balance will show as R0.
Closing Balance: Reflects the balance after all transactions (withdrawals, adjustments, and repayments) are accounted for in the current pay run.
If a savings payout is made, no repayment will occur in the same period, ensuring the employee receives their full savings balance. Savings repayments will resume in the next pay period.
Saving Repayment Amount
This is the amount deducted from the employee’s salary each period to contribute to their savings balance.
Withdrawals: If a withdrawal is made, it will appear as a negative deduction (e.g., -R100 will display as (R100)). Withdrawals increase the employee's net pay without being classified as earnings.
Saving payout or balance adjustment (Optional): Here, you can adjust withdrawal amounts and balances. Select withdraw full amount if you want to pay out all available savings for an employee.
Savings rate: Specify the amount that will be deducted from the employee’s pay each period. This amount will be added to their savings balance.
Remove Template
Click Remove next to the savings template. Note: If there is an existing savings balance, it will not be deleted. The balance will still be visible to the employee on their payslip.
The savings balances are shown in the top right-hand section of the payslips. It's important to note that the balances on the payslips represent the nett figures after all payouts and savings deductions have been processed. The payslip provides a definitive summary of the pay run once it is finalised.
Edit Template: Click the Edit button next to the savings template to access the override screen. Here, you can adjust withdrawal amounts, balances, or repayment values.
Use this report to view all loans and savings balances for employees included in the current pay run. It also reflects any withdrawals and adjustments made during the period:
This report provides an overview of all loans and savings balances for employees across different pay runs, offering a comprehensive view of outstanding balances, adjustments, and repayments over time:
