Setting Up Savings Fund

Purpose: The Savings Fund screen was specially developed to deduct the savings contribution of both employee and employer from foreign employees' payroll as our local statutory ( EPF, SOCSO, and EIS).

Step 1

Navigate to Settings (1) > Payroll (2) > Savings Fund (3) as in the below image. Then, click Add New (4) to add a new savings fund. 

Step 2

Once clicked, you will prompt by the below screen. You may notice of few fields that you need to fill up to get started with your savings fund.

a) Payroll Item = You need to set up a payroll item for Savings Fund in order to deduct the contribution accordingly in the payroll

Navigation : Settings > Payroll > Payroll Item > Savings Fund

b) Pay Cycle = Select a pay cycle that you wish to deduct this contribution from the employee payroll

c) Type = You may select Amount or Follow EPF amount as per your company policy

d) Type = Choose the currency of the contribution

e) Employee Contribution = This field appears when you select Amount in the (b) field to insert the employee contribution.

f) Employer Contribution = This field appears when you select Amount in (b) field to insert the employer contribution.

Step 3

In order to add the Savings Fund to your employee, navigate to Employee Profile > Bank & Statutory (1) > Savings Fund (2) > Add Fund (3) as in the below image.

To learn more about setting up a Currency Rate for the type of currency you have selected at Step (2) apart from MYR, head over to the below link :

• How to set Currency Rate for Savings Fund?: Knowledge Base (freshdesk.com)