Setting Up Your Company's Payroll
Last updated
Last updated
Manual ARPs can enable you to setup payroll for all your employees. Suppose we have a 3 employees:
Employee One: Blockchain Engineer with a monthly salary of 30,000 USD
Employee Two: Full Stack Engineer with a monthly salary of 20,000 EUR
Employee Three: Product Manager with a monthly salary of 10,000 CHF
Let's setup our ARP to pay them their respective salaries at the end of each month.
The first step is to deploy a manual ARP like we did on this page
Click on the Details button of your ARP to reveal the panel
Since Employee One is paid in USD, let's select the USD tFIAT token. Click on the Select a currency button to reveal the token wizard like in the image below. Click on the Manage Tokens button to reveal the form on the right, activate the PaySwap Onramp tokens then go back to the previous form
Search for and select the USD tFIAT token
You should now have the USD selected like in the image below. Click on the Control Panel button to show the control panel's menu
Click the Create/Update Account button; fill in the form on the right image below. Make sure you read the description for each parameter in order to provide the correct value
The Account Owner field has been set to the address of Employee One
The Amount Payable field has been set to 30000 which is the amount of USD the contract pays the account owner periodically
The Period Payable has been set to 43200 which is the number of minutes in a month. This parameter sets the duration of each payment cycle
The Start Payable sets the date at which the contract should activate this account .i.e. start counting seconds to the next payment. We set this parameter to October 20th, 2023
The Description parameter provides any descriptive comments about the account so we can remember the purpose of the account in the future.
Validate the form and reload the page. Tick the Mine Only button to only show your ARP contracts (this should enable you to find your ARP faster)
You should see the ID of your recently added account at the bottom left of your ARP's panel
Here is an image of our ARP panel before the new account has been added
And here is an image of our ARP panel after the new account has been added
Clicking on the ID of your recently added account (which in our example is 2) will show you the account details like in the image below. We can see that currently, the account is due 0 USD (Amount Due) and that the next payday of the account is November 20th, 2023 at 14:08.
The ARP Liquidity parameter represents the amount of the token of the current account (USD) currently available in the ARP contract
Zooming in on the parameter section, we can see that our account uses USD, that the contract pays periodically a value of 30,000 USD (Amount Payable) to the account owner, that the duration of the one period or payment cycle is 30 days, and that the description of our account is "Employee One Salary"
To create accounts for the rest of the employees, we proceed the same. We select the right token first, then we create an account for our employees
In order for the ARP contract to be able to pay our employees, we will need to fund the contract with enough tokens: 30000 USD tFIAT tokens, 20000 EUR tFIAT tokens, and 10000 CHF tFIAT tokens
Here is a step-by-step guide to adding 30000 USD tFIAT tokens to your ARP contract.
Make sure you select the correct token like in the image below
Click on the Control Panel button and on the menu that pops up, click on the Notify Rewards button. Fill in the form on the right with the amount of the previously selected token you would like to transfer to the contract and validate the transaction
We are depositing 300000 USD tokens into our contract which is enough to pay Employee One for 10 months. This means we will not have to even think about paying Employee One for 10 months or as long as there are enough tokens in our ARP contract to pay him/her since the ARP contract will do it for us. All Employee One would have to do to be paid is to claim his/her salary as soon as it comes due which according to the image below will be on November 20th, 2023. Also after depositing the 300000 USD tokens into our contract, we can see that amount reflected like in the image below under the ARP Liquidity parameter.
The next step is to add enough EUR tFIAT tokens and enough CHF tFIAT tokens. The process to add those is the exact same as for the USD tFIAT tokens
An ARP NFT represents an account created on that NFT. To view the ARP NFTs on your ARP contract click on the View NFTs button at the left section of your ARP's panel:
The ID of the NFT is the same as that of the account it represents and is displayed at the border of the NFTs. We can see on the first NFT above the number 1 in parentheses (which means it represents the account with ID 1) and on the second NFT, the number 2 in parentheses.
The ARP Color is the color of the ARP contract owner in the Auditor contracts. For more details about colors, please read more on how the Auditor contracts work
The AID parameter is the profile ID of the ARP contract owner. You can read more about profile IDs here
The UID parameter is the ID of the bounty attached to the ARP contract by the account owner. That value is 0 since Employee One did not attach any bounty to his/her account
The PID parameter is the profile ID of the account owner
The VID is the ID of the token from the ARP contract's Leviathan that the account owner has attached to the ARP contract.
The Payable parameter is the amount payable and for Employee One's account, it is 30000
The Receivable parameter is the amount receivable and for Employee One's account, it is 0
The PP/PR parameters represent the Paid Payable/Paid Receivable. The Paid Payable is the amount the ARP contract has already paid Employee One (which is 0) and the Paid Receivable is the amount the Employee One has already paid the ARP contract (which is not applicable in our use case)
The TP/TR parameters represent the Period Payable/Period Receivable expressed in seconds
You can hover over the top, bottom, left, or right arrows at the bottom right of the NFTs to navigate between various pages. The top arrow will show the parameters page, the bottom arrow will show the description of the account, the left and right arrows will navigate between any sponsored content since sponsors can pay ARP contracts to publish sponsored content on their ARPs.
ARP notes are mechanisms through which an account owner can transfer future earnings onto an NFT (note) which holds the promise of future earnings. For instance, if Employee One has an emergency and cannot wait until November 20th to access the due salary, he/she can transfer that future salary onto an NFT or a note.
The note can then be listed and sold on a secondary marketplace (the PaySwap ARP eCollectibles channel) for something like 27000 USD tFIAT tokens which is 10% less than what the value the note will be able to unlock from the ARP contract after November 20th, 2023.
The buyer of the note will be able to withdraw that amount from the ARP after that due date.
Here is a step-by-step guide to minting & claiming notes:
Minting & Claiming Notes
