Every month, Payflip automatically prepares your payroll file on the deadline date you've chosen in your settings ('Payroll' > 'Settings'). The file is sent directly to all payroll contacts listed in the same tab. Easy and hassle-free!
Let's look at what you'll find in your monthly payroll file 👇🏼
1. New Choices Made by Your Employees 🎁
Your file includes all choices approved in the past month that need payroll processing.
Want to know how specific benefits are treated in payroll? Check out this article for all the details.
2. Residual Values 🛒
Some benefits, like multimedia devices and desk materials, have a specific renting period. When this period ends, we need to transfer ownership from your company to your employee.
How it works 💡
When a device reaches the end of its renting period :
Our system automatically calculates the 20% residual value of the initial device price
A benefit in kind (20% of initial device value) is automatically reported in your monthly payroll file
The existing wage codes (configured under payroll settings in Payflip) are used
Employee pays social security (13.07%) and withholding tax (20-40%) on the benefit in kind
No additional net payment required
Example calculation 🔢
For a €1,000 device:
Residual value: €200 (20% of initial value)
Applied automatically in the payroll files
Employee cost: ~€87.14 (€26.14 social security + €61 withholding tax)
Next steps for employees 🎉
Once the renting period ends and the residual value is processed, employees can immediately order new devices through Payflip.
Questions? We are just a chat away! 🔵