How to Add Fringe Benefits
Fringe Benefits are the extra benefit supplementing an employee's money wage or salary, for example a company car, car parking, etc.
To Add Fringe benefits in AdviserLogic follow the below steps:
Step 1. Go to Client’s Fact Finder > Income
Step 2: Hover the Mouse on Add button and you will see a drop down Menu. Click on Fringe Benefits
Step 3: Select the type of Fringe benefits from the list. For eg: Car
Step 4: Input the mandate (*) General Details and additional details as per requirement and click on Save and Close.
-Sub Category: It will be shown as selected from the Category Fringe Benefits options as soon the new window will pop up; however it can be changed if needed.
- Description: By default it will show the Description; you can edit it as per the requirement.
-Enter the Amount.
-Frequency: Select the Frequency of the benefit form the list of options-Yearly, Quarterly etc.
-Recipient: Select the name of the person from Client or Partner, receiving this Benefit from the drop down
-Taxable: Select Yes or No for benefit if it is Taxable or not respectively.
-Income start and End: Select the time from the options in the drop down list, when this benefit will start and end for the client or partner and corresponding Date or age as per the Start and End Date or age respectively.
-Growth: Select the growth type from the list.
The Fringe Benefits donot result in any actual cash outflow and hence they donot come up in the Cash Account Sheet. They are shown under ATI Adjustments in the Taxation sheet in cashflow.