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Adjustment ETPs

An adjustment is a correction of a previous ETP calculation in the same tax year. It supersedes the original ETP, and Exolvo creates a payment for the adjustment amount. As a result, Exolvo ‘reverses’ all ETP transactions created in the original pay and creates the correct ETP transactions.

Important: Adjustment ETPs must be in the same tax year (Period YTD) as the original or related payment.

When you add an Employee Terminations record for an adjustment ETP, Exolvo populates fields with values from the original ETP and you can adjust them. For example, you could correct the termination reason or payment values.

You would use adjustment ETPs in the following scenarios.

AdjustmentETPScenario

Add an adjustment ETP to correct an original ETP paid in the same tax year.

AdjustmentETP2

Add an adjustment ETP to correct an adjustment paid in the same tax year.

AdjustmentRelatedETP

If the employee has a related ETP that will be paid in the next tax year, you will need to delete it before you add the adjustment ETP.

 

Prerequisites

  1. Employee's record contains their date of birth.
  2. An original Employee Terminations record was created and confirmed, and the ETP was paid to the employee.
  3. A termination transaction exists for the employee in a closed pay with a link to the original Employee Terminations record so that record has a pay sequence number and a status of "Closed".

    Note: If the original Employee Terminations record is not closed, you can unconfirm and edit it instead of adding an adjustment.

In This Section

Add Adjustment ETP

Topic: 28487