Release Note - version 2.12.4 [Upcoming Release]

Country: Malaysia & Singapore

What’s New

Financio Payroll v2.12.4 introduces the Data Retention feature, which enables payroll administrators to manage payroll history in line with the retention period defined in the company’s data retention policy.

1. Set Up the Data Retention Policy

• To set up your company’s data retention policy, navigate to the Company Setup > Data Retention tab.
• Click the “Edit” button to configure the data retention period.

2. Configure the Data Retention Period

• Switch the Auto-Purge toggle ON to enable automatic data purging.
• Under Retention Period, select the number of years for which your data should be retained.
• Example:
  • The current payroll year is 2026, and a retention period of 5 years is selected.
  • The system will retain data from 1 January 2022 to 31 December 2026.
  • On purge date 1st January 2027, the system will delete all payroll history data dated before 1 January 2022, including the records of resigned employees.
• Important Notes:
  • For Singapore users, a retention period of 5 years is recommended.
  • For Malaysia users, a retention period of 7 years is recommended.
  • Purged records cannot be recovered.
  • To retain your payroll data indefinitely, set Auto-Purge to OFF.

3. Review Resigned Employee Data Before the Purge Date

• When Auto-Purge is switched ON, the system will purge payroll data annually on 1st January of each calendar year.
• Before each purge, the system will display a notification of resigned employees whose records meet the purge criteria for the upcoming purge date, allowing you to review them in advance.

• Click “Review List” to view the details of these resigned employees in Excel format.

4. Purge Log

• After the auto-purge runs on the first day of the calendar year, the Purge Log section will display the purge history, including the purge date, the number of resigned employee records purged, and the payroll information purged.