This article will help you understand how to configure and manage recurring compensations in Grove.
Before setting up payroll and its components, we recommend checking out how payroll works to get an idea of how to fully configure payroll settings.
You can easily set up recurring payments as well as the limit for monthly overtime before adding them to Employee Payroll. Choose which items can be repeated per payroll, monthly, or yearly.
Set up a Recurring payment
Before creating a recurring payment, prepare a list of all the common recurring items, types, and amounts. Examples can be found here.
Next, follow this instruction:
In Payroll, go to Settings > Compensation Settings > Recurring.
Click Add Recurring Payment and complete all required fields:
Name: choose a name for recurring compensation
Description: describe the recurring payment (optional)
Repeat Every: choose from the dropdown box to set the time period
Repeat On: this field will pop up if you choose "Repeat Every 1 Year"
Payment type: 2 options (Fixed Amount and 100% of Employee Monthly Salary)
Amount: enter the amount of payment
Eligibility: this field will pop up if you choose "Repeat Every 1 Year"
Calculate Base On Last: this field will pop up if Repeat Every 1 Year and 100% of Employee Monthly Salary are chosen.
Valid From: choose the affected date of recurring payment
End Date: select the end date of recurring payment
Prorate Payment: select to calculate recurring payment based on actual calendar days.
3. Click Save finish
📌 NOTE:
If you choose "Repeat every X Week/Month" then only Fixed Amount will be available
If you choose "Repeat every 1 Year" then you can either select Fixed Amount or 100% of Employee Monthly Salary.
The required fields will be changed when selecting a different type of Repeat Every (Week, Month, or Year)
Edit or Delete a Recurring payment:
In Payroll, go to Settings > Compensation Settings > Recurring.
Choose the item you want to edit or delete and click More.
Click Edit and make adjustments
Click Delete, then confirm delete
Click Save to apply changes
Examples of how recurring payments work
Assume that the employee has a join date on Friday, 10th of January, 2020
Set up monthly overtime limit
In Payroll, go to Settings > Compensation Settings > Overtime
Enter the limit hours for working overtime, this must be in accordance with your country’s regulation and Employment contract.
Click Save when finished.
📌 NOTE:
You can only make changes or delete recurring payments when they are not added to the employee payroll
A standard working day is fixed at 8 hours for this version