6. How can an employee part-pay a company car's cost?
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"How can an employee part-pay a company car's cost?"
When a person's agreed to pay for part of the purchase cost of a company car, you'll need to update the company vehicle benefit.
To update a vehicle benefit if a person's agreed to pay for part of a company car's purchase cost:
- First, select the pay batch on: MenuPay batches
- Then tap: SettingsPay batch settings
- Then scroll to the bottom and look for the "Repeat payables" heading.
- And tap the company vehicle benefit you'd like to store an "Employee payment towards car" for.
- Then scroll down and expand the "Optional" heading.
- Then in Employee payment towards car, enter how much the employee is paying, one-time.
- The amount of the one-time payment isn't automatically deducted by 1st Money from any payslip.
- Read the note which explains how you must separately arrange the payment.
- Next, tap: Save
- To see how the "Employee payment towards car" affects people's payslips, tap the company vehicle benefit again.
- Next, scroll down, then tap the person.
- Then hover your mouse over the vehicle benefit, and tap the "See on payslip" button:
- And you'll see the vehicle benefit showing under: "Benefits-in-kind ... company arranged"
- And finally, when you hover your mouse over the benefit amount, you'll see the breakdown. In the breakdown the "per year" amount is now lower because of the: "Employee payment towards car"
Keep in mind that:
- The "Employee payment towards car" option doesn't show if the "Vehicle type" is set to: "Van"
- Also, the money deducted, to pay for part of the purchase cost of a company car is sometimes also known as: "capital contributions"
And that's it! That's all you need to do, if a person's agreed to pay for part of a company car's purchase cost.
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