Loading opening balances into Employment Hero Payroll is a crucial step that ensures the accuracy of your payroll calculations and financial records. This feature allows you to seamlessly transfer employee leave entitlement information, along with their existing financial positions and historical earnings, from your previous payroll platform. You can import this data in bulk, export it as needed, and even use the opening balances feature to configure the initial financial year for your business within Employment Hero Payroll.
Importing employee leave balances can be imported from this page, as part of the opening balances import. This will ensure that:
- Leave balances are then correctly recorded on an employee's pay slip and displayed in the employee's portal (if the leave category setting is configured to be displayed as such);
- Leave balances are recorded against the employee so that managers have the required information when managing leave requests;
- Leave balances are recorded against the employee so that payroll has the required information when processing leave in the pay run.
Additionally, Importing employee opening balances is beneficial for a business that has transitioned to this payroll system mid financial year because:
- The figures are then incorporated into the employee's YTD earnings as displayed on their pay slip (therefore showing accurate YTD earnings);
- The earnings are then displayed when generating payroll reports for the financial year period.