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What is the best way to tract Absenteeism, overtime and lateness in openerp 7 to appear in the payroll voucher ?

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There currently aren't any modules that support this (that I know of). However, I am currently in the middle of implementing just such a system, and the results should hit Launchpad in a couple of weeks. Specifically, my modules support: scheduling, attendance tracking (such as lateness, unscheduled overtime, etc), and enhanced payroll (payroll schedules, end of payroll wizard).

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Hi Mike, any update on this :)?

It will be going into production this week. It will go public fairly soon thereafter.

hope that the module is updated...can u please inform the module name ?

Yes, it's now up on launchpad: http://launchpad.net/addons-hr-ng with a brief description at: https://miketelahun.wordpress.com/2013/08/12/comprehensive-hr-management-system/

any specific module on Openerp apps ?

No, it's not on "Apps" yet. You can get it from launchpad by running: bzr co lp:addons-hr-ng