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Payroll formula for Allowances in peachtree

In the last Lecture  Number 11,we have created payroll formula for income tax and payroll entry.In this lecture we will create Payroll formula for Allowances .1st of all we will create Medical Allowance. Follow the following steps in this Manner.

Formula ID    : M_All                               (M_All stand for medical allowance)

Name              : M_ All 16                            (16 Means 2016 the year in which the formula is going to be created.)

How Do you classify this formula : Benefits

Effect on Gross Pay       : Add to Gross Pay

filling status                     : All

Formula                             : Gross* 25%

 next step                            : Add this formula to Employee Defaults( click on this option)

General                                 : M_All

Employee field                    :6050   ( employee Benefits Programme expense A/c )

Calc                                       : click on this Box option a red color tick Mark will be created.

Formula                               : M_all  (select Medical allowance in this format)

Run                                       : click on Run  Box option

OK                                         : click on OK option to save it.

Allowances to employees

next we are going to create Convenience All (C_All)

Formula ID    : C_All                            (C_All stand for medical allowance)

Name              : C_All 16                            (16 Means 2016 the year in which the formula is going to be created.)

How Do you classify this formula : Benefits

Effect on Gross Pay       : Add to Gross Pay

filling status                     : All

Formula                             : Gross* 30%

 next step                            : Add this formula to Employee Defaults( click on this option)

General                                 :C_All

Employee field                    :6050   ( employee Benefits Programme expense A/c )

Calc                                       : click on this Box option a red color tick Mark will be created.

Formula                               : C_All  (select Medical allowance in this format)

Run                                       : click on Run  Box option

OK                                         : click on OK option to save it.

After creating of different Allowances go to the Task menu to Make a Payroll Entry for different Employees. Note if you are creating Allowances on formula base, the allowances we have created without  formula base must be remove. watch the video  with the reading.

 

 

 

 

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