Release Note - version 1.13

Release Date: 09 August 2024 (Friday)

Version: 1.13

This release includes a new feature enable for user to perform fortnightly salary or ad-hoc salary calculation in daily payroll operation.  

This New Features is applicable to:

Fortnightly and Ad-hoc Salary Payment

Fortnightly payroll, where employees are paid every two weeks, offers several benefits:

• For Employees: It provides more frequent pay checks, which helps with budgeting and managing cash flow, reducing financial stress.
• For Employers: It enhances employee satisfaction and recruitment, simplifies cash flow management, and reduces administrative burdens compared to weekly payroll.

In this release, Financio Payroll has been enhanced to support this feature as well as the flexibility to allow employer to pay allowances or deductions in ad-hoc basic.

Financio Payroll system allows user to define the below payment period:

Mid-term payment – pay on a specific date at middle of the month, eg. every 15th

Ad-hoc payment – pay at any date before or in between Mid-term and Final payment, user able to configure up to two ad-hoc payments in any sequence prior to Final payment.

Final payment – pay at the end of the month or at the cutoff date