05 Dec 2024

Prebuilt HCM Report for Severance Payments: Managing and Auditing Employee Severance Data

What is Severance Payment?

Severance payments are compensation provided by an employer in situations such as layoffs, downsizing, or mutual termination agreements. Severance pay can be distributed periodically or as a lump sum and is a critical component of the employee benefits package during employment exit.

Audit and track severance payments with the HCM Report for Payment Tracking for accurate payroll management.

Key Features of the Prebuilt HCM Report for Severance Payments

DataTerrain’s Prebuilt HCM Report for Payment Tracking is designed to help HR and payroll teams track and verify severance payments accurately. This report enables easy tracking of employee compensation and ensures payments are processed according to company policies.

How It Works: Key Parameters for Severance Payment Tracking

This report can be generated using the following parameters:

Effective Date (or End Date): Specifies the date range for severance payments.
Start Date: Used to determine the beginning of the tracking period for severance payments.
Organization: Filters payments by department or organizational unit.
Employee: Allows you to run the report for individual employees to track termination pay and benefit payments.

The report is available as an HCM Extract, which makes it easy to run directly from the Checklist. The Effective Date is a mandatory parameter, ensuring the data provided is current and accurate.

Detailed Report Output for Payment Tracking

The Prebuilt HCM Report provides a comprehensive breakdown of severance payment data, which includes:

Employee Number
Payroll Name
Payroll Period (Month and Year)
Severance Element Name (e.g., lump sum or per-period payments)
Gross YTD Amounts for each severance element

The data is available in Excel, PDF, or CSV format for easy analysis and reporting, offering flexibility in reviewing severance pay management and ensuring payment accuracy.

Scheduling and Regular Audits of Severance Payments

HR and payroll teams can also schedule this report to run on a weekly or bi-weekly basis, making it easier to manage severance payments over time and stay on top of potential discrepancies. Regular audits help ensure that all employee compensation is accounted for correctly, improving overall payroll compliance.

Why DataTerrain is the Best Choice for Payment Tracking

With extensive experience in HCM cloud transformation and serving over 270 clients, DataTerrain offers expertise in severance payment auditing. Our team is ready to assist you with all your severance tracking and employee payment auditing needs, ensuring reliable and accurate payroll reporting.

Streamlining Severance Payment Audits

The Prebuilt HCM Report for Severance Payments provides HR and payroll teams with the tools to track, manage, and audit severance payments effectively. By automating the process and enabling regular payment tracking, this report simplifies payroll reconciliation and ensures compliance with company policies.

For more information or to schedule a live demonstration, contact DataTerrain today!