One Time Payments
While managing payroll for a company, there might be instances when you might need to make payments to your employees outside of their regular monthly or periodic salaries. This could be for various reasons like a bonus for excellent performance, overtime pay for extra hours worked, commissions for meeting or exceeding sales targets, or other types of incentive pay that are not part of the regular salary.
To help you manage these occasional one-time payments, Zoho Spend has a special feature called One Time Payout. This feature is designed to help you make these special payments easily and without mixing them up with the regular monthly or periodic payroll.
Scenario: Ram is the head of the Payroll team at Zylker. Ram is responsible for managing all kinds of payouts to employees - from regular monthly salaries to one-time bonuses and incentives.
One day, the management of Zylker decided to reward the employees with a one-time bonus for their hard work on a successful project. Ram needed to figure out the best way to handle this one-time payout without interfering with the regular payroll cycle. He uses the One Time payout feature in Zoho Spend to process the bonus.
Create a One Time Payment
To create a one time payment:
- Go to Pay Runs under Payroll.
- Click Create Pay Run in the top right corner and select One Time Payout from the dropdown.
- Select Bonus as the One Time Component.
- Choose When would you like to pay.
- Click Save and Continue.
- Add or import the employees for whom you would want to process the one time payment.
- To add employees individually:
- Click Add Employee.
- Select the Employee.
- Enter the Amount.
- Click Save. Repeat this process for all the employees.
- To import employees:
- Click Import Employees.
- Upload the file with the required details.
- Select how you want to handle duplicates and Character Encoding.
- Click Next.
- Map the import file fields with the fields in Zoho Spend and click Import. A one time payment in the Draft status will be created.
- Once you’ve added or imported the employees, click Continue to Payroll in the top right corner to create an one time payment in Draft status.
- Click Submit and Approve in the top right corner to approve the pay run.
- Next, record the payment made to your employees.