{"id":3173,"date":"2020-10-21T14:04:02","date_gmt":"2020-10-21T08:34:02","guid":{"rendered":"https:\/\/blog.tenthplanet.in\/?p=3173"},"modified":"2026-08-07T11:55:11","modified_gmt":"2026-08-07T06:25:11","slug":"how-to-do-full-and-final-settlement-using-odoo","status":"publish","type":"post","link":"https:\/\/tenthplanet.in\/blogs\/how-to-do-full-and-final-settlement-using-odoo\/","title":{"rendered":"How to do Full and Final Settlement using Odoo"},"content":{"rendered":"

Full and Final settlement Applicability: All employees<\/p>\n

Information Gathered :<\/p>\n

    \n
  1. Employee writes e-mail directly to Manager, marking copy to HR. Once Manager approves, HR will process<\/li>\n
  2. Employee sends e-mail to Manager who approves the same & forwards a copy to the HR to process<\/li>\n
  3. **Note: If employee resigns without notice, no Full & Final Settlement will be processed and configured in Odoo<\/a><\/li>\n<\/ol>\n

    Resignation Date: Date on which the employee applies for resignation will be considered, even not Manager approves at a later date<\/p>\n

    ** Note: Notice period across Grades & Ranks is 1 month from Date of Resignation<\/p>\n

    Properties taken back\/surrendered by employee upon resignation<\/p>\n\n\n\n\n
    Bag<\/td>\nSim Card<\/td>\nTablet<\/td>\nLaptop<\/td>\n<\/tr>\n
    Company ID Card<\/td>\nVisiting Card<\/td>\nProduct Brochure<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    Notice Period Scenarios:<\/p>\n

    Scenario 1: Normal employee less than 5 years in the company \u2013 no advance taken (resigned within 1 year)<\/p>\n

      \n
    1. Joining Date: 20-05-2018<\/li>\n
    2. Resignation Date: 20-06-2019<\/li>\n
    3. Relieving Date: 20-07-2019<\/li>\n
    4. Salary for June 2019 would be computed<\/li>\n
    5. Salary for July 2019 for 20 days would be computed<\/li>\n
    6. EPF & ESI (if applicable) would be computed proportionate to number of days<\/li>\n
    7. Professional Tax for the period April 2019 \u2013 July 2019 based on earned gross would be computed and deducted<\/li>\n
    8. TDS (if applicable) would be taken into consideration for the period April 2019 to July 2019 would be deducted proportionately and deducted<\/li>\n
    9. Full & Final Settlement Cheque would be given after 90 working days<\/li>\n
    10. Full & Final Settlement Cheque would be sent as courier to the communication address<\/li>\n
    11. Leave encashment not applicable<\/li>\n
    12. Bonus not applicable<\/li>\n<\/ol>\n

      Scenario 2: Normal employee more than 5 years in the company \u2013 no advance taken<\/p>\n

        \n
      1. Resignation Date: 20-06-2019<\/li>\n
      2. Relieving Date: 20-07-2019<\/li>\n
      3. Salary for June 2019 would be computed<\/li>\n
      4. Salary for July 2019 for 20 days would be computed<\/li>\n
      5. EPF & ESI (if applicable) would be computed proportionate to number of days<\/li>\n
      6. Professional Tax for the period April 2019 \u2013 July 2019 based on earned gross would be computed and deducted<\/li>\n
      7. TDS (if applicable) would be taken into consideration for the period April 2019 to July 2019 would be deducted proportionately and deducted<\/li>\n
      8. Leave encashment: (Basic + DA)*no of days\/30 (subject) to maximum of 100 days<\/li>\n
      9. Bonus would have been paid (per Bonus policy if applicable) till 2018<\/li>\n
      10. Gratuity: A fund is created with State Bank of India with a Gratuity Number for the employee. Last drawn (Basic + DA)*15\/26*no of years would be alone given<\/li>\n
      11. Gratuity: The above-mentioned amount would be given in the name of Company via cheque<\/li>\n
      12. Gratuity: Company would deposit the money into their bank account & for the same amount give a cheque to the employee<\/li>\n
      13. Super Annuation: Applicable only for employees joined on or before a specific date<\/li>\n
      14. Super Annuation: A fund is created with State Bank of India with a Super Annuation Number for the employee<\/li>\n
      15. Super Annuation: A computation methodology developed by SBI.<\/li>\n
      16. Super Annuation: This amount would be given in the name of the employee<\/li>\n
      17. Full & Final Settlement Cheque would be given after 90 working days<\/li>\n
      18. Full & Final Settlement Cheque would be sent as courier to the communication address<\/li>\n
      19. Gratuity cheque would be sent as courier to the communication address<\/li>\n
      20. Super Annuation cheque would be sent as courier to the communication address<\/li>\n<\/ol>\n

        **Note:<\/strong><\/p>\n

          \n
        1. Salary Entry during his month of resignation would have already been posted<\/li>\n
        2. The Other components like Salary Advance, Leave Encashment, LTA, Bonus, Gratuity etc will have to be taken into consideration for accounting entry<\/li>\n<\/ol>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
          Account Code<\/strong><\/td>\nParticular<\/strong><\/td>\nDebit<\/strong><\/td>\nCredit<\/strong><\/td>\n<\/tr>\n
          23402<\/td>\nSalary Payable<\/td>\n10000<\/td>\n<\/td>\n<\/tr>\n
          51005<\/td>\nLeave Encashment Exp<\/td>\n5000<\/td>\n<\/td>\n<\/tr>\n
          51010<\/td>\nBonus Exp<\/td>\n10000<\/td>\n<\/td>\n<\/tr>\n
          51015<\/td>\nLTA Exp<\/td>\n10000<\/td>\n<\/td>\n<\/tr>\n
          51020<\/td>\nGratuity Exp<\/td>\n25000<\/td>\n<\/td>\n<\/tr>\n
          15902<\/td>\nSalary Advance<\/td>\n15000<\/td>\n<\/td>\n<\/tr>\n
          23520<\/td>\nLeave Encashment Payable<\/td>\n<\/td>\n5000<\/td>\n<\/tr>\n
          23521<\/td>\nBonus Payable<\/td>\n<\/td>\n10000<\/td>\n<\/tr>\n
          23522<\/td>\nLTA Payable<\/td>\n<\/td>\n10000<\/td>\n<\/tr>\n
          23523<\/td>\nGratuity Payable<\/td>\n<\/td>\n25000<\/td>\n<\/tr>\n
          21003<\/td>\nBank Account<\/td>\n<\/td>\n25000<\/td>\n<\/tr>\n
          <\/td>\nTotal<\/strong><\/td>\n75000<\/strong><\/td>\n75000<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

           <\/p>\n","protected":false},"excerpt":{"rendered":"

          Information Gathered : Employee writes e-mail directly to Manager marking copy to HR. Once Manager approves, HR will process<\/p>\n","protected":false},"author":23,"featured_media":3182,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[159,160,161,23,55,50],"class_list":["post-3173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-odoo","tag-final-settlement-in-odoo","tag-hrms","tag-human-resource-management","tag-odoo","tag-odoo-hrms","tag-odoo-human-resources"],"_links":{"self":[{"href":"https:\/\/tenthplanet.in\/blogs\/wp-json\/wp\/v2\/posts\/3173","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tenthplanet.in\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tenthplanet.in\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tenthplanet.in\/blogs\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/tenthplanet.in\/blogs\/wp-json\/wp\/v2\/comments?post=3173"}],"version-history":[{"count":1,"href":"https:\/\/tenthplanet.in\/blogs\/wp-json\/wp\/v2\/posts\/3173\/revisions"}],"predecessor-version":[{"id":12071,"href":"https:\/\/tenthplanet.in\/blogs\/wp-json\/wp\/v2\/posts\/3173\/revisions\/12071"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tenthplanet.in\/blogs\/wp-json\/wp\/v2\/media\/3182"}],"wp:attachment":[{"href":"https:\/\/tenthplanet.in\/blogs\/wp-json\/wp\/v2\/media?parent=3173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tenthplanet.in\/blogs\/wp-json\/wp\/v2\/categories?post=3173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tenthplanet.in\/blogs\/wp-json\/wp\/v2\/tags?post=3173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}