How to Create a Payroll Component Using a Formula Template Reference

Using a formula template reference simplifies the process of creating payroll components by allowing you to select from predefined system templates or reuse custom templates. This feature helps ensure consistent payroll calculations while saving time on manual formula configuration.

Follow the steps below to select, customize, and apply a formula template when creating a payroll component.

Once the payroll component is created, the selected formula template will be automatically applied to payroll calculations. You can modify the formula before finalizing and if needed, save it as a custom template for future use. Keep in mind that saved templates cannot be edited or deleted, so ensure accuracy before saving. By leveraging formula templates, you can streamline payroll component creation while maintaining accuracy and efficiency.