Final Settlement
Final Settlement allows users to process the complete payout for an employee by entering details such as branch, division, department, employee, settlement method, reference, date, and all additions and deductions. The system automatically calculates totals, including gross amounts, deductions, and net payable. Once created, users can view total payable and receivable amounts, roll back the settlement if corrections are needed, add payment details, approve, or reject the settlement, ensuring the final process is accurate and complete in PrismERP.
| Field | Action |
|---|---|
| Branch | Select the branch of the employee. |
| Division | Select the division the employee belongs to. |
| Department | Select the department of the employee. |
| Section | Select the section where the employee works. |
| Sub Section | Select the sub-section of the employee. |
| Floor | Select the floor where the employee is assigned. |
| Employee | Select the employee for whom the final settlement is being processed. |
| Settlement Through | Select the method of settlement. |
| Reference | Enter any reference number or note for the settlement. |
| Date | Enter the date of settlement processing. |
| Addition Particulars | Enter any additional amounts like wages, overtime, extra overtime, unpaid salary, refunds, earned leave, gratuity, or other benefits. |
| Remaining (Addition) | Enter the remaining balance for each addition, if applicable. |
| Rate (Addition) | Enter the rate for calculation of the addition. |
| Amount (Addition) | System-calculated amount for each addition. |
| Deduction Particulars | Enter any deductions such as advances, loans, penalties, or other recoverable amounts. |
| Remaining (Deduction) | Enter the remaining balance for each deduction, if applicable. |
| Rate (Deduction) | Enter the rate for calculation of the deduction. |
| Amount (Deduction) | System-calculated amount for each deduction. |
Once the final settlement has been created, the user can view the total payable and total receivable amounts for the employee. The user can also roll back the settlement if corrections are needed, add payment details to record the disbursement, approve it to finalize the settlement, or reject it if something doesn’t match.
