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 on Agrigistics enables you to effortlessly deduct funds from employees' salaries on a weekly, fortnightly, or monthly basis, while maintaining accurate records of their balances. When employees request access to their saved funds, these can be directly paid out through their pay slips.
Savings payouts are included as earnings on employees' pay slips; however, they are exempt from tax and do not contribute to their Unemployment Insurance Fund (UIF) remuneration.
To manage your savings, navigate to Payroll / Loans & Savings.
Navigate to Payroll / Loans & Savings and select the Savings tab. You will then see the following screen:
Employee Details: Lists each employee by number and name, making it easy to identify individuals.
Current Savings: Shows the total savings an employee has accrued. This figure only accounts for deductions from finalised pay runs, not current or open ones, as those are not yet confirmed.
Pending Payout: Indicates if there is a withdrawal request by an employee. A payout earning is added to the pay slip and upon finalisation, it is deducted from their savings balance.
Savings per Pay Run: This is the amount set to be deducted from each pay period for savings. It is adjustable, giving employees flexibility over their savings amount each month.
Navigate to Payroll / Loans & Savings and choose the Savings tab to adjust an employee's savings balance. This may be necessary when an employee has accumulated savings prior to using Agrigistics payroll.
To change an employee's savings balance:
Click on the three dots icon next to the relevant employee's name and select the 'Override Balance' option.
Enter the closing savings balance as of the end of the last pay run. This is essential because the current pay run's savings deduction will be added once it is finalised.
Select 'Set Balance' to update the employee's savings balance in the table.
The balance shown in the table will reflect the new amount you've set. Ensure this action is taken with caution, as it directly affects the employee's recorded savings.
Navigate to Payroll / Loans & Savings and select the Savings tab to set up or modify an employee’s recurring savings deduction. This amount will be deducted from their salary each pay period—whether weekly, fortnightly, or monthly—and will remain the same unless altered.
To alter an employee’s recurring savings deduction:
Click on the three dots icon adjacent to the employee’s name you wish to update and select the 'Add recurring savings' option.
Input the sum to be deducted from their salary every pay period.
Press 'Add recurring saving'.
This action will ensure the specified deduction is applied automatically in the current pay run and the table will reflect the new deduction amount. It’s important to remember that the employee’s savings balance will increase only after the pay run has been finalised.
To update an existing recurring amount, simply follow the same steps and enter the new amount. This will automatically replace the old amount with the new one. To remove a recurring saving, change the value to R0.
Navigate to Payroll / Loans & Savings and select the Savings tab to process a savings payout. This function is used when an employee wishes to withdraw from their accumulated savings. The payout will be reflected in the balance after the pay run is completed.
To process a savings payout:
Click on the three dots icon next to the employee’s name who is requesting the payout and select 'Pay out savings'.
Enter the amount that the employee wishes to withdraw, which will appear on their pay slip.
Add an optional description for the transaction, which will appear on the pay slip.
Click 'Pay out' to finalise the withdrawal.
A payout earning, exempt from tax, will be added to the employee's pay slip. Remember, the employee's savings balance will be adjusted only after the pay run is finalised.
If you need to adjust a payout amount, repeat these steps and the new amount will automatically override the previous one. To remove a saving pay out, change the payout value to R0.
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 net figures after all payouts and savings deductions have been processed. The payslip provides a definitive summary of the pay run once it is finalised.
Payouts will be itemised in the earnings table, and savings deductions will be listed under the deductions tab. Refer to the screenshot provided for clarity.
Please be aware that the earnings and deductions added to an employee’s payslip are based on system templates and as such, cannot be directly edited or removed from the payslip itself. Any changes or adjustments must be conducted through the Loans & Savings module.
