Full and final settlement without loose ends
When someone leaves, settle everything at once: the final month prorated to the leaving date, gratuity, leave encashment, notice pay and provident fund, netted against loans, with the settlement tax balanced across the whole year.
In every plan
The problems it removes
- Leavers settled in a spreadsheet that misses a loan or a leave balance
- Tax on a settlement computed in isolation from the year
- No single document to give the employee, or the auditor
- Payment tracked in email
Leavers to start, settlements to pay
Who has left and still needs a settlement, which settlements are in draft, which are approved and waiting for the bank.
Paid in a batch, with a bank file
Approved settlements go out together: the batch number, the pay date, the file for the bank and the reference that marks each one paid.
How it works
Start from the leaving date
The final month is prorated to the last day, and every component starts from the records, not from memory.
Review the lines
Gratuity, leave encashment, notice pay, provident fund and loan recovery each show their basis and their derivation.
Approve and pay
Approval is recorded, payments can be batched into a bank file, and a settled-outside close-out handles money paid elsewhere.
Close out
One ledger statement, one net figure, then mark paid and close.
What you get
- Prorated final month, gratuity, leave encashment, notice pay, provident fund
- Loans netted automatically, so nothing is left outstanding
- Tax computed across the year, not on the settlement alone
- One statement per leaver, every line showing its working
Questions
Does it work out gratuity?
Yes, from the service record and the rule you configure for your workspace, and the working is shown on the statement.
Can I pay several leavers in one bank file?
Yes. Settlements can be grouped into a payment batch and exported as a bank file.
See WageVerge run your payroll.
Tell us about your business and we will walk you through it, mapped to your pay components, your policies and the modules that matter to you.