What is income code in SAP (PY-NL - The Netherlands)?

SAP Term: income code

• Component: PY-NL

• Component Name: The Netherlands

• Description: An income indicator that defines a type of income in . For example, 23 is the income code for war and resistance pensions. In , the indicator is known as 'inkomenscode'.

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• Key Concepts: 
  Income code is a term used in the SAP payroll system for The Netherlands (PY-NL). It is a code that is assigned to each type of income that an employee receives, such as salary, bonuses, and other types of compensation. This code is used to identify the type of income and to calculate the correct taxes and deductions. 
  
  How to use it: 
  Income codes are used in the payroll system to ensure that the correct taxes and deductions are applied to each type of income. When setting up a new employee in the system, the income codes must be entered in order for the system to calculate the correct taxes and deductions. The codes can also be used to track different types of income for reporting purposes. 
  
  Tips & Tricks: 
  When entering income codes into the system, it is important to make sure that they are entered correctly. This will ensure that the correct taxes and deductions are applied. It is also important to keep track of any changes in income codes as they can affect how taxes and deductions are calculated. 
  
  Related Information: 
  Income codes are part of the SAP payroll system for The Netherlands (PY-NL). Other countries may have different systems for tracking income and calculating taxes and deductions. It is important to understand the specific requirements for each country when setting up a payroll system.