Correctly Process Annual Bonuses for Employee Payslips
It’s that time of the year again: The large majority of annual bonuses will be paid to employees in time for the Festive Season. Since a bonus is an additional item on the payslip and not a regular occurence, you might wonder how to correctly process it correctly. Errors can result in incorrect PAYE amounts deducted, costing either you or the employee unnecessary money and stress. We have good news! Here is a simple guide to follow below.
Before you start: Ensure you are in the correct period you want to process the bonus for.
1. Go to Process > Payslips and select the employee you would like to process the bonus for
2. On the Income tab of the payslip, insert Transaction code 5200 – Annual Bonus and insert the amount in the Period Amount column.
3. Save the payslip
Additional Tip: If you would like to change the description of the Transaction. Go to Setup > Transactions code 5200 and edit the Payslip Description on the correct frequency tab.
Still stuck with the problem?
You are welcome to give the Preferred Solutions Helpdesk a call on 021 945 1279 or email firstname.lastname@example.org and we will have you sorted in a jiffy. Please note, service charges may apply but will be communicated to you before-hand.