Monthly Bonus:
Employee Bonuses
While adding employees, you can forecast individual employee bonuses by using custom formulas and variables. These bonuses will be calculated on a monthly basis.
Please Note: If the result of the calculation is less than 1.0, we will assume it's a percentage and multiply it by the annual salary amount. If the result of the formula is more than 1.0, we will assume it is the actual bonus amount.
Examples:
Percent of Salary:
For example, if the calculation for a certain month is 0.1 and the employee's annual salary is $50,000 the bonus will be → 0.1 x $50,000 = $5,000
Regular Bonus Amount:
For example, if the results of the formula calculation are 200 or 5,432 the bonus will be → $200 or $5,432.
Employee Commissions
To forecast Employee Commissions, the employee must be a part of one of the following departments:
Sales
Sales Operations
Marketing
Customer Success
Add the commission rate or the amount in the formula field or use variables to generate a monthly commission. From here, the commission will be calculated on a monthly basis.
Annual Bonus:
Based on a Percentage
Step 1: Create a custom variable for the annual bonus:
Enter the variable in the month the bonus will be issued and then enter the formula, Custom.AnnualBonus[-12] in the month following. This will reference the bonus amount each year.
Step 2: Go to the Employees Section of Finmark and edit the employee to apply the bonus.
This will then forecast the bonus on an annual basis:
