What is advance in SAP PY-CH - Switzerland?

SAP Term: advance

• Component: PY-CH

• Component Name: Switzerland

• Description: A payment of a portion or the entire amount of the saved contributions and benefits age-related credit before the actual start of pension payments.

Smart SAP Assistant

• Key Concepts: 
  Advance is a feature of the PY-CH Switzerland component of SAP. It allows employers to make advance payments to employees for their salaries, bonuses, and other benefits. This feature helps employers manage their payrolls more efficiently and accurately. 
  
  How to use it: 
  To use the Advance feature, employers must first set up the Advance payment type in the PY-CH Switzerland component. This can be done by navigating to the “Payroll” tab in the SAP system and selecting “Advance” from the drop-down menu. Once this is done, employers can enter the amount of the advance payment and select the employee or employees who will receive it. 
  
  Tips & Tricks: 
  When setting up an Advance payment type, employers should ensure that they have all of the necessary information about the employee or employees who will receive it. This includes their name, address, and bank account details. Additionally, employers should make sure that they have sufficient funds in their accounts to cover the advance payment before they make it. 
  
  Related Information: 
  The Advance feature is just one of many features available in the PY-CH Switzerland component of SAP. Other features include salary calculation, tax calculation, and reporting. Employers should familiarize themselves with all of these features in order to get the most out of their SAP system.