To add a Bonus component under the Earnings side with a yearly frequency, follow these steps:
- Go to Control Panel
- Access the Control Panel from your dashboard.
- Navigate to Payroll
- Select the Payroll option from the menu.
- Click on Salary Template
- Find and click on the Salary Template section.
- Edit the Specific Salary Template
- Choose the specific Salary Template you want to edit.
- Add Bonus Under Earning Component
- Under the Earning Component section, add "Bonus."
- Set Pay Frequency as "Yearly"
- Ensure that the pay frequency for the Bonus component is set to "Yearly."
- Finish the Salary Template
- Complete the editing process and save the changes to the Salary Template.
- Update Salary in Bonus Component from Employee Salary
- Update the Bonus component with the respective amounts from the Employee Salary.
- Verify the Bonus Component
- You will now see the Bonus reflected annually in the employee's earnings.
By following these steps, the Bonus component will be successfully added to the Salary Template with a yearly frequency.