Release Summary
The latest update brings in a new Accupay™ option for our Seriously Accurate users. In addition, this update brings some essential changes to the FSS calculation for a couple of uncommon scenarios. Last but not least, the COLA Report has been updated, based on measures announced in Malta's Budget 2024.
Below is a complete change log.
Release Notes
Accupay™ (Process Timesheets)
A few minor upgrades for our advanced tool were required to accommodate more companies and ways of operations.
- New: New setting in Payroll Calculation Options:
"When using AccuPay™, Calculate Target Hours Based on Employee's Working Days"
This setting will allow the Target Hours to utilise a formula of weekly hours divided by the number of weekdays, rather than enforcing a Monday to Friday, 8-hour daily standard. - Fix: The "Basic Hours in Month" Time & Attendance rule has been updated to exclude overtime from its calculations of allowances. It seems that existing users were not using the specific rule, so clients were not negatively impacted.
Payroll
Critical updates regarding employees on Net Pay and Overtime Tax were required for this advanced reverse-taxation rule.
- Updates to FSS Calculation:
- When an employee switches from Part-Time (Qualified) Tax to a Main Tax, the FSS calculation will now look for Previous Earnings (of the current year) to ensure an accurate main taxation.
- Net Pay Calculation will no longer consider Overtime Tax paid-to-date in its calculation of tax paid-to-date
- Fix: Date and Pay Period Enumeration for Fortnightly Payroll
COLA Report
Our calculator for the COLA Report has been updated.
With this tool, users can estimate a salary budget for 2024 to understand the increase not only in the direct gross, but also in contributions and taxes.