We’re delighted to announce a new feature for beneficiaries. A beneficiary is a third party who needs to be paid by the employer as a result of a payslip item for an employee. For example, if you offer a medical aid benefit or a retirement fund benefit (such as pension), the beneficiary is the institution offering the medical aid fund or retirement fund. You can now access a beneficiary report with the total amount owed to beneficiaries.
To add a beneficiary to the system:
- Go to Settings > Beneficiaries and select Add under Custom Beneficiary
- Enter the details for your beneficiary and click Save
Once you have added your custom beneficiary, you can link it to the payroll item created under custom items:
- Go to Settings > Custom Items and select the custom item (or click Add to create one – for more information on setting up custom items, head to our help page here.)
- Tick the checkbox Link to beneficiary
- Select the Beneficiary Type:
- ‘Fixed’ should be selected if there is only one beneficiary for this custom item for all employees. You will then need to select the beneficiary from the dropdown list.
- ‘Different on every employee’ should be selected if different employees have different beneficiaries for this custom item. If you select this option, the beneficiary will need to be specified when adding the custom item to the employee’s payslip.
- Then click Save
Once you have set up the custom item, you can then add it to payslips as per normal by heading to the employee’s profile and then clicking on Add next to Regular Inputs or Payslip Inputs, depending on how it was set up.
To access the beneficiaries report, you’ll need to create a pay run. The beneficiaries report appears in the bottom right-hand corner of a completed pay run (the accounting report appears in the bottom left hand corner).
We hope you love this new feature and that it’ll make your payroll processing more efficient.