Enable the CTC calculator

HRStop lets you calculate/segregate the CTC based on a formula. You can split the CTC into different earning and deduction components just by defining the formula, and the system calculates them.

Follow the steps below to enable the CTC calculator:

1. Navigate to Control Panel → Settings → Payroll. Select the Enable CTC Calculator option. This enables the CTC calculator and lets you use it in the salary template.
2. Once the setting is enabled, you can update the employee's salary based on the defined formulae.
3. Navigate to Control Panel → Payroll → Salary template.
4. Create a new salary template by clicking + Add New. In the new window that opens, enter the details for the salary template and click Next. A new window opens, where you enter the Earning and Deduction components.
5. Define the Earning and Deduction components using formulae in the Value column. Note: The formula must be CTC based. When enabled, the CTC calculator lets you calculate the salary based on CTC.
   
6. You can enter the formula (CTC based) and proceed with the steps.
7. Once you have completed all the steps, click Finish.
8. Once compiled, the salary template can be assigned to employees. To check the new updates, go to Control Panel → Payroll → Employee salary.
9. A new window opens, listing all employees’ salary components. In the Action column, click the Edit Employee salary icon.
10. Enter the employee's yearly CTC and click Calculate CTC.
11. The system automatically calculates the salary components based on the formulae entered in the salary template. Click Update to save the calculated salary.
    

The formulae must be CTC based. All changes take effect instantly.