PROVIDENT FUND ACCOUNTING PACKAGE

SALIENT FEATURES

Build Up and Maintenance of Provident Fund Accounts of Members

• Employee’s Personal record
• Employee Contribution as deduction from monthly salary
• Company contribution as deduction from monthly salary
• Permanent withdrawals from Provident Fund which may be for the purpose of insurance, house building, land purchases or other reasons.
• Provident Fund Adjustment accounts due to conversion of Permanent Withdrawal into Refundable Loan

Maintenance of Loan Accounts of Members

• Payment of Loan amounts to Members
• Recording of interest on outstanding Loans
• Recovery of Loan Installments from Monthly Salary

Maintenance of Investment Accounts

• Creating different types of Investment Accounts
• Providing periodical interest accruals on Investments
• Calculating annual interest income on investments
• Recording maturity of Investments

Calculation of Annual Interest Income and Its Distribution

• Calculating interest income on all investments for July to June period making any adjustments required
• Calculation of Net Interest Income to be distributed among P.Fund members after making adjustments of interest paid to Outgoing employees during the year and the amortization amount etc.
• Distribution of Net Interest Income among the existing members of P.Fund

Maintenance of Insurance Policies

• Maintenance of Insurance Policies records
• Recording of Insurance Premium payments as Permanent withdrawals
• Recording of Receipts of Insurance amounts from Insurance companies as contribution to P.fund

Payment of Final Settlement for Outgoings

• Calculation of Interest Income due to any ongoing employee
• Calculation of Complete P.fund Account of any outgoing employee
• Recording of Zakat deduction from his final payment
• Closing the P.Fund Account keeping in view of his active indicators

WORTH MENTIONING REPORTS

• Members ‘ Ledger with monthly employees’ and employers’ contribution
• Loan Ledger with interest and proportionate installments
• Loan Recoveries and their schedules in accordance with company’s policy
• Investment Account Statement based on schedule & annual interest income on investment
• Periodical interest accruals on investment
• Annual Income Distribution Statement for regular and outgoing employees
• Permanent Withdrawals Statement in terms of insurance, investment and funds’ amount
• Final Settlement for the outgoings with zakat deductions