As we head towards the end of the year, many of you will be busy finalising payrolls, setting new salaries for January, carrying leave forward, and paying off your employees for any untaken leave during the year.
While this might sound like a burden, Talexio is here to make this process as quick and easy as possible. To simplify things for you, we have included instructions for each of the end of year queries that you may have below.
In order for users to be able to book leave for next year, their leave balances for the next year need to be updated. Leave balances for Malta will be updated from Talexio's end during December. However, in the meantime, if you would like your employees to immediately start booking leave for next year, you can set the leave entitlements from your end.
Each company has its own policy on how much leave can be carried forward to the next year. If leave is carried forward to next year, any leave booked in the current year will automatically make use of the amount of leave carried forward before using up the current year entitlement. You can check out the step-by-step process here.
Alternatively, you may choose to pay your employees off for any leave not availed of by the end of the year. To do so, you will need to add this to the December payroll. With a click of a button, Talexio will add the remaining leave hours and multiply them by the employee's hourly rate.
Employers with an active PE number are required to submit their FS7, FS3s and electronic lodgement files to the Commissioner for Revenue by mid February of the next year.
In order to prepare for this submission, you will need to generate the documents from Talexio. Click here for a step-by-step guide on how to generate and submit your documents.
The cost of living adjustment is an annual increase in employee's salary to reflect the cost of living. This amount is announced by the government in each year's budget. Your employees' salaries need to reflect this amount (unless they are given a salary increase which incorporates this). You can check this out for instructions on how to add the COLA to your employees' salaries.
Unless you want to add public holidays of a foreign country, you do not need to worry about anything here. The updating of the year's public holidays are done from Talexio's end, in December.
You can check out our webinars on the above by clicking on the links below:
Closing the Year Webinar
End of Year Submission Webinar
Please note that in the webinars, some of the UI might appear slightly different due to UI updates made along the year. However, functionality remains the same.
If you have any queries, please do not hesitate to get in touch with us via our help centre or chat function.