PCI Services Blog

Reason 7 - Pegasus Opera 2 Upgrade - Salary Sacrifice

Posted by Richard Common on 19-Aug-2016 10:34:00

Lessen the impact of pension contributions

What is salary sacrifice (SS)?

With the advent of auto enrolment, SS is becoming more and more popular with companies deciding to use it with their pension schemes. Under a salary sacrifice arrangement, an employee gives up some of their cash earnings in return for new or increased entitlements to non-cash benefits provided by their employer. Some examples of salary sacrifice schemes include pension contributions, childcare vouchers, Cycle to Work schemes, travel and subsistence allowances.

SS can be financially beneficial for both employers and employees as it can reduce the amount of tax and/or National Insurance (NI) payments due. This  happens when part of an employee's remuneration changes from
cash, for which tax and NI contributions are due, to non-cash benefits which are wholly or partially exempt from tax and/or NI contributions.

Salary sacrifice and Opera 3 Payroll

Opera 3 Payroll can automatically calculate both percentage based and value-based SS, and can cater for both pension-related and non-pension SS schemes, providing traceability and analysis throughout the entire process.

How it works

In Opera 3 Payroll, SS is processed using a “negative payment”. A Payment Profile is created for each type of SS required and is then added to the participating employee’s record. When the Payroll Calculation is run, the sacrificed amount, either as a percentage or as a value, will be assigned to that SS Payment Profile as a “negative payment”. This reduces the gross pay by the value of the sacrificed amount.

For a pension-related salary sacrifice scheme, the pension scheme is linked to the SS Payment Profile, which is then attached to the employee’s record. Pension-related SS are included within the associated pension contribution files and reports.

For additional flexibility when it comes to pension contributions, the employer can choose to add their NI saving as a ‘top-up’ to the employee’s pension, and can specify whether the whole saving or a portion of the saving will be added.

For non-pension SS schemes, the Payment Profile is attached to the employee and a value is added to it, such as the amount for Childcare Vouchers or Cycle to Work schemes.

 

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Topics: Pegasus, Software, Opera 2 Upgrade

Reason 6 - Pegasus Opera 2 Upgrade - Email Payslips & HMRC P60

Posted by Richard Common on 17-Aug-2016 12:41:00

Reduce the cost and admin time of running your payroll

Opera Payroll offers the option to e-mail payslips and P60s to employees.  This feature comes as standard and can make paper payslips and P60s a thing of the past. You’ll no longer need to procure the relevant forms or incur postage costs; at the click of a button, payslips and P60s can be delivered to the employee’s inbox as a password-protected PDF document. Printed payslips, or a combination of the two, can also be produced.

The cost of printing and posting payslips and the admin time involved can be a considerable overhead for every business, regardless of size, and especially for those that run different payroll frequencies.

Opera Payroll offers the option to e-mail payslips and P60s to employees and can make paper payslips and HMRC P60s a thing of the past. You’ll no longer need to procure the relevant stationery, dedicate admin time or incur postage costs; at the click of a button, payslips and P60s can be delivered to the employee’s inbox as a password-protected PDF document.

E-mailing payslips to employees will make your payroll run much more cost-effective, efficient and environmentally friendly. If, however, printed payslips and P60s are required, these can also be produced in the usual way. And with flexibility at the forefront, Opera also allows you to use a combination of both printed and e-mailed payslips and P60s.

Payslip and P60 PDFs are password-protected, initially with passwords automatically assigned to employees by Opera 3.  If employees wish to change their password, they can do so by advising the payroll administrator. When a password is added or changed, it’s only ever visible when it’s being entered into the system; after this, it’s encrypted and displayed as asterisks. To help ensure greater security, Opera 3 won’t allow the duplication of e-mail addresses across different employees.

Setting up employees to receive payslips and P60s by e-mail is quick and easy. Using Quick E-mail Setup, you can either import or enter employee e-mail information quickly to update payroll records. The e-mail editor will then allow you to design the e-mail templates to use for the distribution of passwords, payslips and P60s. Opera 3 gives you the option to design different templates for use with different payroll groups. When you’ve completed these simple steps, employees are set up to receive payslips by e-mail.

Opera three also allows the flexibility of marking individual employees to receive e-mail payslips and P60s. E-mailing payslips will make your payroll run as easy as pressing a button: Opera 3 generates PDFs of the payslips or P60s for the employees you select and the server handles sending the e-mails in the background, so you can continue to process without disruption.

The Check E-mail Status report will display the current status of all the e-mail batches you have generated. As well as payslips or P60s, you can also attach up to three other PDF documents to your e-mails for quick and easy distribution to employees, such as company policies or an HR newsletter.

Features

  • Up to three additional PDF attachments can be added to the e-mails.
  • Up to two e-mail addresses per employee can be stored, either or both of which can be used for e-mailing payslips/P60s and passwords.
  • HMRC-approved electronic P60 designs.
  • Payslips and P60s can be previewed before being sent.
  • E-mail template designs for Welcome, Password, Payslip and P60 e-mails.
  • Global e-mail detail update routine.
  • Employees can either accept the default password assigned to them or request for it to be changed.
  • Employee passwords can be edited individually.
  • The Quick E-mail Setup List is a new report that displays all employees, detailing those who receive their payslips and P60s by e-mail together with their e-mail addresses and what each e-mail address is used for.
  • Previously e-mailed payslips/P60s can be viewed in Employee History in a meaningful format which now includes all the payslip/P60 headings.
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Topics: Pegasus, Software, Opera 2 Upgrade

Reason 5 - Pegasus Opera 2 Upgrade - Credit Management Reports

Posted by Richard Common on 11-Aug-2016 15:30:00

All of the following Reports are available when you upgrade from Opera 2 to Pegasus Opera 3

Diary Actions report:

Lists the diary actions that have been recorded, and can be exported to Excel. You can select to include actions for today only, from the last seven days, from the last thirty days or for a range of dates. You can also include completed actions, notes added for actions and only actions that have been marked for follow-up.

Promised Payments report:

Lists the values of payments that your customers have promised, and can be exported to Excel. Promised payments and dates are recorded on diary actions. You can sequence the report by: account (grouped by the user or the value), user (grouped by the customer account or the value), value, balance and promised date.

Action Types report:

An analysis of the Diary Actions that have been entered. Separate totals are displayed for each action, outstanding actions, overdue actions and completed actions.

Credit Management Groups report:

Displays the total outstanding debt for each group.

Outcome Types report:

Lists an analysis of the Outcome Types for diary actions that have been entered. Separate totals are displayed for all Outcome Types, outstanding actions, overdue actions and completed actions grouped by Outcome Type.

Unallocated Items report

To help you with housekeeping, so you can identify unallocated transactions prior to processing the Correspondence run in Debt Management.

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Topics: Pegasus, Software, Opera 2 Upgrade

Reason 4 - Pegasus Opera 2 Upgrade - Credit Management Centre

Posted by Richard Common on 09-Aug-2016 13:00:55

Manage customer debt effectively to help improve cash flow when you upgrade from Opera 2

The Credit Management Centre offers a centralised, easy-to-use tool which consolidates all of the information needed for effective credit control. With easy-tounderstand, real-time graphs displaying your overall financial status, you can quickly see what is owed, who owes it and how much money has been promised by customers.

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Topics: Pegasus, Software, Opera 2 Upgrade

Reason 3 - Pegasus Opera 2 Upgrade - Open Period Accounting

Posted by Richard Common on 08-Aug-2016 16:30:00

Flexibility to post in past and future periods when you upgrade from Opera 2

If you want more flexibility in your financials, Opera 3 is for you. You can create calendars for the current and up to 3 future financial years, and post transactions to any period marked as “open”, either directly or from other Opera 3 applications such as the Sales and Purchase Ledgers. For complete control and flexibility, you can also post into the previous financial year from the Nominal Ledger.

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Topics: Pegasus, Software, Opera 2 Upgrade

Reason 2 - Pegasus Opera 2 Upgrade - Error correction in the Ledgers

Posted by Richard Common on 06-Aug-2016 11:00:00

Simplify corrections in the ledgers

We all make mistakes, but we don’t want to spend lots of time correcting them. In Opera 3 Sales Ledger and Purchase Ledger, a user-friendly wizard allows you to easily correct mis-allocated transactions, and you can also remove the associated transactions, such as a Sales Receipt or a Purchase Payment. In Opera 3 Nominal Ledger, the Rectify feature allows you to re-post journals that may have been posted to the wrong account or date. What’s more, error correction functionality comes as standard when you upgrade from Opera 2 to Opera 3.

User-friendly Rectify wizards in Opera 3 provide a rapid process for correcting errors in the ledgers, which would otherwise be complicated and time-consuming.

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Topics: Pegasus, Software, Opera 2 Upgrade

Reasons to upgrade from Pegasus Opera 2 - Excel Output Reports

Posted by Richard Common on 04-Aug-2016 12:40:55

This feature imports the information from an Opera 3 report directly into the cells of an Excel spreadsheet and sets the height of the rows and width of the columns to achieve the desired layout. No re-keying is necessary and you know the data is accurate. All numeric information can be used in calculations and you can modify the report as required, in the familiar Excel environment. When considering a Pegasus Opera 2 upgrade to Opera 3 Business Software, here are over 60 reports that can be exported to Excel listed a follows:

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Topics: Pegasus, Software, Opera 2 Upgrade

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