How do I set the Rounding Off value for Net payslips?
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Help Answer & Training Video |
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| Rounding Off Value |
How do I set the Rounding Off value for Net payslips?
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How do I set the Rounding Off value for Net payslips?
Go to Company settings and then in the "Rounding Value for Payslips" field you can specify the Rounding off value.
Click "Submit".
If you enter 0 then NO Rounding will happen.
If you use 2 Kwacha rounding up then no 5 Kwacha notes are used. If you use 1 Kwacha rounding then 5 Kwacha notes are used. But the disadvantage of using 1 Kwacha rounding is that you will also have 1 Kwacha coins for some of the pay packets.
Note: If you select 1 Kwacha rounding before exporting to excel, you will notice it also has 2 Kwacha breakdown in the cash breakdown.
However, on the actual browser report it does not have any 2 Kwacha notes that are counted. (The browser report just does 5 Kwacha and 1 Kwacha notes if you select the 1K rounding option for the report).
Rounding Example of a NET payslip of K16 to rounding set at K2:
1 by 10 Kwacha note,
1 by 5 Kwacha note and then
0 by 2 Kwacha note?
But what about the 1 Kwacha left? Giving an extra K2 will make the net pay go up by K1 to K17.
With the setting on the DEFAULT OF K2 ROUNDING this is how Harvester online deals with it:
1 by 10 Kwacha note,
0 by 5 Kwacha note and then
3 by 2 Kwacha notes.
With the setting on the DEFAULT OF K1 ROUNDING:
1 by 10 Kwacha note,
1 by 5 Kwacha note and then
0 by 2 Kwacha notes and
1 by 1 Kwacha coin.
Hence the scenario of missing K5 notes will only happen if the pay ends in the number 6 or 8 and your setting is on the DEFAULT of 2 Kwacha rounding. This is not too common but it avoids coins!
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