To close the financial accounts at the end of every month, verifying all the expenses submitted by your employees manually will consume significant amount of time. It’s not possible to manually keep a summary of the amount owed by or to every employee.
Under the Settlements tab in your Happay Admin account, you can view the balance sheets of all your employees: the amount that is owed to them, and the money owed by them. All the outstanding cash balances within the company can be viewed in detail.
To view the settlement amounts:
Under the ‘Expenses and Summary’ tab in your admin account, choose Employee Summary.
The ‘Settlement’ tab in the extreme right will show the amount that needs to be settled with the employee.
To settle the amount with your employees, you can follow two ways:
1. Under the ‘Settlement’ tab, you can click on ‘Pay/Receive’. This will require you to transfer funds to the employee individually via NEFT or pay him in cash. You can do this individually for all the employees.
2. To settle the amounts for all the employees at one go, you can choose the ‘Bulk Settlement’ tab. Download the sample excel file, and fill in your employees details, their respective settlement amounts and the mode of settlement and upload the same file.
This will help you ensure your financial accounts are accurate, and on time!