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A comprehensive Payroll and Compensation Management module which covers all aspects of Payroll management, Timesheets and GL Processing. Four separate Payroll cycles are supported, including Normal Payroll Cycle, Off-Cycle Payroll, Retroactive Payroll and End-of-Service Payroll. Each Payroll Cycle is specifically designed for its purpose but integrates seamlessly with the other cycles and has the same look-and-feel.
The Normal Payroll Cycle consists of Initialization, loading of Timesheets, producing of Automatic Timesheets, loading or editing of Exceptions, producing of Trial Payroll, generating of Trial GL File and finally generating of Final Payroll, Final GL Transaction File, Bank Deposit File, and other processes. Extensive and flexible payroll policies definitions including earning policies, allowance policies, benefit policies, bonus policies, commission policies, deduction policies, and tax policies with no limit on the number of policies that can be defined. Compensation and deduction policies can be defined and eligibility assigned by employee group and organization unit, whereby the policies are automatically inherited by employees depending on their employee group and eligibility. Payroll calculation method for each earning, deduction, and tax are predefined based on user defined parameters using an advanced flexible expression builder with total access to the database tables and attributes, thus enabling the definition of any calculation method without having to customize the software (Nothing is hard coded).
Timesheets are automatically generated for salaried employees who do not require timecards and absent hours are entered for those employees who were absent, thus eliminating the tedious entry of timesheets, for employees who require timesheets.
"Compensation & Payroll" is part of the Interact HRMS line of products, developed by 2Interact, Inc..
Interact HRMS is a horizontal product. It offers functionality designed for usage across a wide variety of industries and business types.