How are vacation allowance and 13th month processed?

  • Modified on: Mon, 26 Dec, 2016 at 4:18 AM

This is a unique product feature and not available in other payroll software packages. If required, reserves and provisions are included in the salary journal entry. The balances of these provisions will be stated on the pay slip.

In addition, these payments are automatically paid in a month set in advance. On payment, the reserve and provision are automatically reversed in the salary journal entry.

You can also determine if the tax and premiums over these payments will have to be calculated and deducted periodically or at once on payment. Even if you have chosen payment at once, the SVB, ZV and OV premiums will be calculated and included on a monthly basis and included in the SVB declaration. This method of calculating and paying SVB premiums is statutory and herewith you avoid assessments from being imposed.

Did you find it helpful? Yes No

Send feedback
Sorry we couldn't be helpful. Help us improve this article with your feedback.

Contact Us

If you have question which are beyond this knowledgebase kindly contact us