Introduction/Purpose:

The Post Exit Settlement refers to effectively managing the financial aspects associated with an employee’s departure from an organization where if an employee has any due amount which he/she can not Settle during the exit Process and employee comes with an agreement with company to pay the due amount in some installments even after Employee has exited the organization till the dues are cleared.

Dependency:

The recording of the post exit settlement typically involves documenting various details and events related to an employee’s departure. The dependencies for recording the post exit settlement can include the following:

• Amount : This field represents the specific sum of money that is involved in the settlement. It indicates the total value or financial obligation that needs to be resolved or paid as part of the post-exit agreement.

• Repayment Term: The repayment term refers to the agreed-upon duration or period within which the settlement amount is expected to be repaid. It could be a specific number of months or years, depending on the terms negotiated between the parties involved.

• Total Installment: This field indicates the number of individual payments or installments that will be made to settle the amount. It represents the division of the total amount into smaller, periodic payments, allowing for a structured and manageable repayment plan.

• Installment Start Date: This field specifies the exact date on which the repayment of the settlement amount will commence. It marks the beginning of the agreed-upon repayment schedule and allows both parties to establish a clear timeline for the financial transactions.

• Attachment: Attachments are any supporting documents or evidence that are attached to the post-exit settlement. These attachments can include invoices, receipts, contracts, legal agreements, or any other relevant records that provide further context, validation, or substantiation for the settlement.

The dependencies mentioned above help ensure that the post exit settlement is accurately recorded and documented, supporting the organization’s HR practices, compliance requirements, and future reference needs.

How To Navigate:

The navigation to record a Post Exit Settlement Process in HRMS system typically involves the following steps:

• Click on the main navigation icon which is located on the top right corner of the screen then click on the HR operation section which is located on the left side menus on the screen.

• Click on the Post Exit Settlement section which is located in the Employee Exit Management under HR operation, After clicking on this link you can navigate to Employee Payment Settlement Listing.

Listing:

The Employee payment settlement listing allows users to view all Approved & Pending Post Exit Settlement. The key features of the Employee payment settlement listing is include below:

• Record Filter: Filter option allows users to filter the list of records based on visible columns, such as
  • Announcement Name, 
  • Announcement Category, 
  • Added date, Added By, 
  • Updated Date, 
  • Updated By & Status.

• Activity Log: In the Activity Log option, the user can view the transaction history of Post Exit Settlement, such as
  • Status (pending, Submit for Approval,  approved).
  • Time and Date of Transaction
  • Execution time

• Show All Listing Columns: This option allows the user to clear all Filter and display all records on the Listing page.

• Advance Search: This option allows user to filter data with single or Multiple criteria in Column Name with options like
  • equal
  • Not Equal
  • Begins 
  • Does Not Begin with
  • Ends With
  • Does Not End with
  • Contains 
  • Does Not Contain

• Export Data: Selected Record, Current Page record or All records can be exported by users with listed Columns or All Columns to a spreadsheet or other file format for further analysis or reporting.

• Hide/Show Column:
  • This option allows users to customize columns by adding/removing columns to display from the Listing page.
  • In this option user have to select column which they want to view in the list , if the user uncheck/unselect all column then system will give error message that “Please check at least one column”

Recording & Update:

Post Exit Settlement Process can be edited/updated by Updating below Fields

• Amount *: This field represents the specific sum of money that is involved in the settlement. It indicates the total value or financial obligation that needs to be resolved or paid as part of the post-exit agreement.

• Repayment Term*: The repayment term refers to the agreed-upon duration or period within which the settlement amount is expected to be repaid. It could be a specific number of months or years, depending on the terms negotiated between the parties involved.

• Total Installment*: This field indicates the number of individual payments or installments that will be made to settle the amount. It represents the division of the total amount into smaller, periodic payments, allowing for a structured and manageable repayment plan.

• Installment Start Date*: This field specifies the exact date on which the repayment of the settlement amount will commence. It marks the beginning of the agreed-upon repayment schedule and allows both parties to establish a clear timeline for the financial transactions.

• Attachment*: Attachments are any supporting documents or evidence that are attached to the post-exit settlement. These attachments can include invoices, receipts, contracts, legal agreements, or any other relevant records that provide further context, validation, or substantiation for the settlement.

The user can perform the following actions in this section:

• Update: Once a record is saved successfully and there are any changes made to the saved record, the user has to Update that record to reflect the changes.

• Discard: This option allows the user to discard the record and no changes will get created if adding or changes will not get saved if updating.