Finance Reporting
The Finance section has received several updates, including an updated look and feel:
Improvements to the leavers log, notably the ability to export a report of any leavers and their remaining balance:
Tax reports are now split into two separate downloads to provide you with further clarity on any potential taxable amounts:
- By redemption – This replaces the old tax report. It tracks the total financial value redeemed by each employee within the given period, with a breakdown of how the value was redeemed e.g. gift cards, client catalogue or payroll. This allows you to split the file if you have already managed the tax liability, for example, it’s already been processed through payroll, or there are different tax liabilities on the type of reward redeemed.
- By issued – This new report tracks the total value of financial rewards received by each employee within the given period, with a breakdown of how the employee received the reward e.g. recognition, length of service, birthday, company award or adhoc award. This report is ideal to use if you have different tax legislation or liabilities in your country based on how the employee received the reward, for example, at 20 years’ service you can reward tax free.
It is important to choose the correct report to use, and stick with this choice, as moving between the reports could result in double counting the taxable amounts.
Both reports now allow you to select any date range you require, removing the locking to month or tax year.
An additional report is available called Issued vs Redeemed. This breaks down financial rewards issued, redeemed and closing balance for each department, so you can further analyse your liability:
