LinesPay FAQ :: Manage Provident Fund

1.      How do I Configure Provident Fund?

URL

Settings ->Configuration ->PF & Gratuity (tab)

Entry Process:

First you need to declare which employment type will be eligible for Provident Fund. You can also set a time period for eligible for Provident Fund. Determine that from where Provident Fund will be deducted, whether it’s from Basic or Gross salary. Now you need to set the deduction rate for contribution for both Employee & Employer.

2.    How do I Manage Provident Fund Refund rule?

URL

Settings -> Payroll -> PF Refund Rule

Entry Process:

First is to determine which service period is applicable for this rule. Then specify how much Employee & employee contribution that employee can get. You can also configure the percentage of Investment return that employee can get from both parties contributed amount.

Example:

Suppose if any employee works less than 2year, that employee will get only his/her contribution & no investment return will be added.

To do this you need to set value ‘0’ to ‘1’ in Service from & service to respectively. Now Set value 100 in employee contribution as that employee refund all of his contribution & set value to ‘0’ in Employer Contribution as he/she doesn’t get any contribution. Also set the value ‘0’ in both income gain information.

3.     How to Calculate Provident Fund?

URL:

Payroll ->Active Payroll Schedule ->Post Schedule

Process:

Provident Fund calculation is done automatically by system when the salary is calculated. You can view different report regarding Provident Fund.