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