HawkHR allows you to calculate/segregate the CTC on the basis of the formula used. You can segregate the CTC to different earning and deduction components by just defining the formula and the system would calculate the same.
Refer to the following the steps below to enable the CTC calculator:
- Navigate to: Control Panel -> Settings -> Payroll. Check the option Enable CTC Calculator. This would enable the CTC calculator and will allow you to use the calculator in the salary template.
- Once the setting has been enabled, you can update the salary of the employee on the basis of the formulae defined.
- Navigate to: Control Panel -> Payroll -> Salary template
- Create a new salary template by clicking on + Add New option. This will open up a new window wherein you can enter the details for the salary template and click on Next option. A new window opens up where you have to enter the Earning and Deduction components.
- The Earning and Deduction components can be defined on the basis of the formula under the Value column.
Note: The formula to be used should be CTC based. The CTC calculator option when enabled allows you to calculate the salary on the basis of CTC.
- You can enter the formula (CTC based) and proceed with the steps.
- Once all the steps have been processed, click on Finish option.
- The salary template when compiled can be assigned to the employees. To check the new updates click on Control Panel -> Payroll -> Employee salary.
- A new window with the list of all the employee?ÇÖs salary components will be available, under Action column click on Edit Employee salary icon.
- Enter the employee yearly CTC in the tab and click on Calculate CTC.
- The system will automatically calculate the salary components on the basis of formulae enter in the salary template.
Now click on Update option to save the salary calculated.
The formulae to be used should be CTC based. All the changes will be made instantly.