The Opening Balances settings page allows the user to configure the initial basis period for your business as well as import/export the opening balances for employees in the business.
To get to the opening balances settings page, go to Payroll settings > Opening balances.
The following page will be displayed:
The initial basis period for the company may be adjusted here. This is the year that the opening balances for earnings/deductions/employer liabilities/CPF & Tax will apply to. Leave balances are simply adjusted by the opening balance specified.
Note that opening balances have an effective 'Date Paid' of 2nd of January in the basis period that you specify. To include opening balances in reports, the report period should be run from 1/1 of the initial basis period.
Additional Functions
- To Import the opening balances, click on the 'Import' button
- To Export the opening balances to a CSV or Excel file, click the 'Export' button
- To configure the opening balances for a specific employee, open up the employee file and then go to the 'Opening balances' section.
If you have any questions or feedback please let us know via support@yourpayroll.io
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