Elements and Balances for BIK

A set of related processor and results elements are created when you add the component details for each benefit type.

As a one-time activity, you need to set up the element eligibility for each of the benefit processor element.

The processor element triggers the relevant fast formulas required to calculate the cash equivalent and other required values of the benefit. The results elements contain the calculated values from the fast formula.

Each element with the calculated values feeds its own balance in the balance category Taxable Benefits. Each element also feeds these balances used in the payroll process and balances that are reported, for example, on the employee payslip.

Balance Name	Feed
Notional Pay	Benefits In Kind elements User feed from Net-to-Gross elements
Notional Pay Subject to PAYE	Benefits in Kind Element Pay Value
Notional Pay Subject to PRSI	Benefits in Kind Element Pay Value
Notional Pay Subject to USC	Benefits in Kind Element Pay Value
Notional Pay Subject to PAYE for Gross Up	User feed from Net-to-Gross elements
Notional Pay Subject to PRSI for Gross Up	User feed from Net-to-Gross elements
Notional Pay Subject to USC for Gross Up	User feed from Net-to-Gross elements
<Benefit name> Benefit	Benefit Element Pay Value (for each predefined benefit)

Notional Pay is the total of all taxable benefits in kind cash equivalent values. Notional pay subject to PRSI, PAYE, USC are balances required to accurately calculate the statutory deductions for taxable benefits. All benefits in kind are taxable and treated as Notional Pay for calculating statutory deductions liability for the employee.

The actual benefit cash value calculated for each benefit type is held in these balances, and as a total of all taxable benefits processed. These are for reporting and can be used as reference information as required