Release Note - Version 1.7 – Knowledge Base | Financio

Release Date: 4th December 2023 (Monday)

Version: 1.7

This document communicates the compliance updates in this release of the Financio Payroll v1.7. introducing three (3) enhancements designed to streamline payroll management for our valued users.

Features Updates for Malaysia:

Enhancement 1:

Key Enhancements (1):

Financio Payroll (Essentials)

Financio Payroll (Premier)

Payslips

√

For Payroll Easy Management:

Updated payslips with identity no. or passport no.
This is beneficial for commercial usage of payslips.

Kindly find the attached image for your reference:

Enhancement 2:

Key Enhancements (2):	Financio Payroll (Essentials)	Financio Payroll (Premier)
Automated “Deduction” with Statutory Calculations	√	√
To Support Statutory Deduction: Go to Company Setup > Allowances & Deductions > Add or Edit Deduction. Select “deduction” subject items such as tax relief, SOSCO, EIS, HRDF, overtime and etc. This selection can be entered once and used in every payroll run (or periodic runs) until you need to update them. Leave it to the system to enter values based on calculations performed during the payroll run This is beneficial to minimize data entry errors.
Note: User have the flexibility to configure each deduction item as either an advance repayment or a regular deduction. This includes options for deducting or not deducting the total net pay, as well as applying deductions based on tax relief, EPF, SOCSO, EIS statutory calculations, overtime calculations, or HRDF calculations.

Kindly find the attached image for your reference:

Enhancement 3:

Key Enhancements (3):

Financio Payroll (Essentials)

Financio Payroll (Premier)

Time – Sheet Configuration

√

For Accurate OT Calculation on Off Day and Rest Day:

Go to Company Setup > Time-sheet > Add or Edit Time-Sheet Policy.
User have the options to define off day, rest day and normal working day.
User can customize the day to be full day, morning or afternoon.
This is beneficial to auto-calculate staff who works on overtime at different shift.

Kindly find the attached image for your reference.

Kindly find the attached image reflecting on staff working day assignments for your reference.

After clicking on the "Assign Day Off" button, users can select either "Off Day" or "Rest Day" with the precise work AM or PM shift. This allows for more flexibility and customization when assigning staff leave.

We are confident that Financio Software Version 1.7 will empower you to take control of your finance and payroll with greater efficiency and precision. Experience the enhanced features and embark on a journey of financial well-being.

Need assistance? Contact Financio Payroll Customer Support Team.

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Release Note - Version 1.7

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