Payroll Processing in Tally Prime

Chapter-6: Payroll Processing In Tally Prime

· What is Employees’ Provident Fund (EPF)?…………………………………………………………………… 313

· What is Employee Pension Scheme (EPS)?……………………………………………………………………. 314

· What is Employees Deposit Linked Insurance (EDLI) Scheme?………………………………………….. 315

· What is Employees’ State Insurance (ESI) Scheme?………………………………………………………… 316

· What is National Pension Scheme (NPS)?……………………………………………………………………… 317

· What is Gratuity?…………………………………………………………………………………………………….. 318

· What is Professional Tax?………………………………………………………………………………………….. 319

Implementation of Payroll in Tally Prime…………………………………………………………………………….. 321

· Process 1: Activation of Payroll………………………………………………………………………………… 321

· Process 2: Create Employee Category………………………………………………………………………. 323

· Process 3: Create Employee Group Master……………………………………………………………….. 324

Part 1: Create Employee Group………………………………………………………………………………….. 324

Part 2: Create Employee……………………………………………………………………………………………. 326

· Process 4: Create Payroll Master……………………………………………………………………………… 329

Part 1: Create Payroll Units (Simple & Compound)………………………………………………………….. 329

Part 2: Create Attendance/Production Types………………………………………………………………… 330

· Process 5: Create Pay Heads…………………………………………………………………………………… 331

Part 1: Create Earning Pay heads…………………………………………………………………………………. 331

Part 2: Create Deduction Pay heads…………………………………………………………………………….. 346

Part 3: Create Statutory Deduction of Employee Pay heads……………………………………………… 348

Part 4: Create Statutory Contribution of Employer Pay heads…………………………………………… 356

· Process 6: Define Salary Details……………………………………………………………………………….. 366

Part 1: Create/Define Salary Details…………………………………………………………………………….. 366

· Process 7: Payroll Processing…………………………………………………………………………………… 370

Part 1: Attendance Voucher………………………………………………………………………………………. 370

Part 2: Payroll Voucher……………………………………………………………………………………………… 372

Part 3: Payment Voucher…………………………………………………………………………………………… 382

· Process 7: Payroll Reports………………………………………………………………………………………. 388

· Process 8: Payroll Statutory Reports…………………………………………………………………………. 396

Payroll Accounting: – Payroll Accounting is the features of Calculating and distributing wages, Salaries and Withholding to Employees and certain agencies.

It is essentially the Calculation, Management, Recording and analysis of employee’s Compensation. In addition payroll accounting also includes recording for benefits and withholding taxes and deduction related to compensation.

It is Useful for small and medium type businesses.