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Established in 1990, Superior Information Systems Inc., over the period of time has blossomed into one of the leading Software Development Houses in the country, providing complete ERP solutions to businesses both through customized and off the shelf products tailored to meet local conditions and laws. Majority of our clients are those,Read More...

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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

Provident Fund Data Flow Diagram

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