The term Payroll refers to a series of accounting transactions involved in the process of paying employees for the services rendered after taking all the statutory and non-statutory deductions into account, in conformance with the terms of employment, company policy and the law of the land i.e., payment of payroll taxes, insurance premiums, employee benefits and other deductions. An efficient payroll system facilitates an error-free, accurate and timely employee payment while ensuring that the employment is well within the valid work permit.
Configuring Payroll in Tally.ERP 9
Payroll in Tally.ERP 9 is easy to use and can handle all the functional, accounting and statutory requirements of the payroll department.
Salient Features of Tally.ERP 9’s Payroll
The key features of the Payroll functionality in Tally.ERP 9 are as follows:
􀂇 It is fully integrated with accounts to give you the benefits of simplified Payroll processing and accounting
􀂇 It has user defined classifications and sub-classifications for comprehensive reporting.This may be related to the employees, employee groups, pay components, departments etc.
􀂇 It provides the facility to create user-defined earnings and deductions Pay Heads
􀂇 It allows flexible and User-definable criteria for simple or complex calculations
􀂇 It allows unlimited grouping of Payroll Masters
􀂇 It supports user-defined production units i.e., attendance/ production/ time based remuneration units
􀂇 It provides a flexible payroll processing period
􀂇 It provides comprehensive Cost Centre as well as employee-wise costing reports
􀂇 It ensures an accurate & timely Salary Processing, Employee Statutory Deductions & Employer Statutory Contributions with the help of predefined processes
􀂇 It provides auto-fill facility to expedite the Attendance, Payroll & Employer Contributions processes.
􀂇 It facilitates an accurate computation and deduction of ESI, EPF, Professional Tax, Gratuity etc.
􀂇 It helps in the generation of Statutory Forms & Challans for EPF & ESI, as prescribed.
􀂇 It allows drill-down facility to voucher level for any kind of alteration.
􀂇 It facilitates computation of arrears pertaining to prior period(s).
􀂇 It helps in tracking employee loan details
For full tutorial : Click Here to Download E-Book
6 Comments
Payroll is one of the most intricate part of a company which accountants should be very careful in delivering reports.
ReplyDeleteVery nicely written article, indeed. Sometimes, it becomes mandatory for organizations to have Payroll Management Software due to their large number of accounting work. However, some companies cannot afford the software hence they hire payroll specialist. Accounting and payroll services
ReplyDeleteWhen it comes to payroll management, the importance of understanding the difference between contractors and employees is crucial. The dangers related to treating employees as contractors can also be quite significant.
ReplyDeleteOutsourced Payroll Services
Great post.......In accounting, payroll refers to the amount paid to employees for services
ReplyDeletethey provided during a certain period of time. Payroll plays a major role in a company for
several reasons.
Click here to learn more
informative post! I really like and appreciate your work, thank you for sharing such a useful facts and information about categorization of employee benfits, keep updating the blog, hear i prefer some more information about jobs for your career hr jobs in hyderabad .
ReplyDeleteThanks for sharing amazing blog post. Keep it up good work.
ReplyDeletePayroll Outsourcing Services
No spam allowed ,please do not waste your time by posting unnecessary comment Like, ads of other site etc.