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Retirement Reform Setup

Created on  | Last modified on 

Summary

Set up retirement reform payroll components in Sage 300 People.

Description

Configure and link specific payroll components to process retirement reform.

Resolution

Create the retirement fund 

  1. On the navigation pane, expand Parameters.
  2. Expand Payroll.
  3. Double‑click Retirement fund.
  4. Select New.
  5. Complete the fields and click the Save.

    NOTE:

    Don't select the N/A Retirement Fund for South African tax setup.

     

Link the retirement fund to the company

  1. On the navigation pane, expand Parameters.
  2. Expand Payroll.
  3. Double‑click Company retirement fund.
  4. Select New.
  5. Complete the fields and Save the changes. 

Create the deduction definition

  1. On the navigation pane, expand Company management.
  2. Expand Payroll Definitions.
  3. Double‑click Deductions.
  4. Select New.
  5. Complete the mandatory field:
    • Linked Company Contribution

    NOTE:

    Select Linked Company Contribution or the system prevent from saving the deduction definition.

     

     

Create the company contribution

  1. Create a company contribution when prompted or select the Add button

  2. Complete the mandatory fields:

    • Company Retirement Fund
    • Linked Deduction

NOTE:

If you create the deduction first, the system links it automatically