Financial Year Roll Over Activity

Modified on Thu, 24 Oct at 4:02 PM

Year Ending Roll Over Activity

What is a Roll Over Activity?

Roll Over we carry forward all the data at the year-end in new Fin year.

(like Employee Master, CTC, Investments, Pay master, etc.)

When to do Roll Over Activity

End of every fin year after process March month payroll closure .

Before Roll Over Activities...

Make Previous Employer details 0
Update March month TDS for Previous Employer Cases and re-process salary
Check end to end Salary Register and Tax Register after Re-process.
Pending Settlement cases (Cases neither processed as Existing or FNF till last month march) process those cases to check TDS liability after final processing.
Download all necessary reports as below for reference to Yearly transactions.

Super employee Master
CTC Master
Tax Register Yealy
Salary YTD Data
Perk Report
Investment Details
Investment Proof Dump
and if any special reports (Client Specific)

Close all Investment related transactions.

Circulate mail to client to intimating Roll Over activities with New budgetary changes if any related to Income Tax or so on.

Confirmation required from client on Roll Over intimation mail confirming Investment option selection while doing Roll Over Activity.

How to do Roll Over Activity Step by Step

After received confirmation from client and completion of before roll over activities we process for Roll Over

Please find below steps for Payroll Roll Over.

1. This option is given on Payroll & Compliance page of Setup Circle.

2. On selecting PayrollAll packet in Configure drop down Roll Over will be enabled.
3. On click on the ‘RollOver’ button, one pop up will open.
4. Depending on the option selected (Declared and Verified to be 0, Verified to Verified and Declared to Declared, Verified to Verified and Verified to Declared, Declared to Declared and Declared to Verified) investment data will be migrated for new financial year.

NOTE : Once the New Financial Year is opened, it is not possible to rollback to previous financial year.

Please refer below Link :

https://support.zinghr.com/support/solutions/articles/11000113959-how-to-do-financial-year-roll-over

Post Roll Over Activities...

Process salary for all Existing employee to view Tax Computation in employee’s login to check their tax calculations for the year.

Check Investment flowing in Tax computation, it should be as per option selected while roll over activity.
Tax Regime default will be “NEW” for all employees as per budgetary update (As per income tax act).
Upload CAR Perk and any other applicable perk for all eligible employees