Sometimes ago, we have seen payroll processing mechanism in tally.erp 9. Today, I will let you know to create PF deduction Master ledger in tally.ERP 9.
However before proceeding further you should also read to create attendance master to use payroll automated entries
An unit which is covered under the provision of Provident Fund Account is required to deduct Provident fund employees share from the salary payable to employee before payment of the Salary.
In Tally.erp 9 the provident fund mechanism is very simple and easy to manage.
Following article will help you to create deduction of employee’s contribution to provident fund in a very easy way.
To create Employees’ PF Deduction Pay Head,
Go to Gateway of Tally > Payroll Info. > Pay Heads > Create
- create a new pay head with the name “ Provident Fund staff “
- Set the information as shown under the pay head Info
Select specified formula under computation info for the purpose of compute.
This is necessary to include the pay head which should be subject to PF deduction. for e.g. PF is not allowed on HRA so only Basic and DA etc should be shown here.
Select specified formula as per below screen shot
Press Enter to accept.
This is just creation of master ledger for provident fund. you have still to learn how to process payroll entries so that you can prepare provident fund challan and how to pass automated entries so that provident fund deducted from the salary payable figures.We will see the same in near future.