Pay forecast
The payroll forecast panel in the software serves as a comprehensive tool for forecasting various financial aspects related to payroll.
The pay forecast feature enables users to project an employee’s payroll by selecting the pay frequency and employee, after which the system automatically retrieves key details such as the tax code and director status.
Users can enter the taxable gross pay and tax code, and the system calculates all payroll components, including PAYE tax, employee and employer National Insurance, student and postgraduate loan deductions and any other applicable deductions.
For periods in which payroll has already been processed, the figures are frozen and cannot be edited. Users can modify values only for periods where payroll has not yet been processed to view updated forecasted results.
The system displays the resulting net pay, with an option to set a target net pay using reverse calculations and apply the same values across remaining periods. The completed pay forecast can be exported in PDF or Excel format for easy reference and reporting.
Hope this is helpful.
Last updated