PAYROLL

What is Payroll?

Click here to Download Payroll Notes of AKumar’s

A company’s financial list of the salaries, wages, bonuses, net pay, and deductions of their employees is called Payroll OR in other words within a company, payroll is the combination of all of the financial records of their employees’ salaries, wages, bonuses and deductions…

Payroll Definition in Short: A sum of amount that a company does pay to its employees for doing their job in a organization.

Payroll definition can’t be complete without given description of gross payments, gross deductions and actual net payout to an employee in a calendar date and noted that these Payments and Deductions can calculate according to rules and laws which may be differ organization – organization and state to State.

An important part of financial accounting

Payroll is essential to a company’s financial accounting for many reasons.

In accounting, payroll is important because payrolls (and payroll taxes) greatly affect the net income of most companies. Payroll is also often subject to numerous laws and regulations that companies need to cooperate with.

Of course, payroll is also incredibly important to its recipients: the employees of a company. Employee morale can be negatively affected by errors and irregularities in payroll, so an organization must distribute payroll in an appropriate and precise manner.

It is critical that every employee receives their pay accurately and with the correct withholdings and deductions, and for an organization to guarantee that all of these withholdings and deductions are submitted in an appropriate manner to the correct entities. This may include salary payments, paycheck deductions and tax withholdings.

Mainly A Payroll Management Module includes –  

Organization Management

Payroll Management

Employee Help Desk

Performance Management

Leave & Loan

Recruitment & Training

PF, ESI, TDS, Statutory compliances

Appraisal & Career Mgmt.

Reimbursement

Employee Self Service

Attendance Processing

Arrear & Bonus

Retirement

Final Settlement …. more

FUNCTIONALITY OVERVIEW – PAYROLL

Features Utilities
 User Definable Earnings / Deductions with multiple
Payment units
 Cost Center, Designation & Grade wise Salary Inputs
 Employee Master
 Auto Number Generation
 Formula Inputs
 Attendance & Leave, Over Time Details
 Loan / Insurance details
 PF Register, ESI register
 Income Tax (TDS) & e-TDS
 JV Passing, Reconciliation
 email – Salary slip
 Employee Reporting Hierarchy
 Input Wizard & Simulation Process
 Screen wise User Editable Help
 Arrears Computation
 Bonus Computation
 Final Settlement / Gratuity
 Leave Encashment
 Reimbursements
 Comprehensive Income Tax
 Data Ownership (user wise)
 Locking of Pay Process
 Locking of Inputs
 Backup and Restore
 Import Data From Excel & Export to Excel
 Recruitment, Appraisal & Training
Reports
 Monthly pay slips
 Monthly salary report
 Salary disbursement sheet & Journal Voucher
 Bank covering letter
 Leave statement
 Outstanding loans
 Arrears salary statement
 Bonus statement
 Statutory forms & returns
 Monthly ESI statement
 Provident fund report
 Monthly journal reports
 Form 3A, ESI Form 6 & 7
 Form 16 & Form 24
 Graphical & other MIS reports
Highlights
 User Definable Pay Periods – (Monthly, Weekly etc.)
 Any number of Payment Processes can be defined
(Overtime payments, Reimbursements etc.)
 User definable Pay slip format & Separate Pay-Slips
for the defined payment process
 User can modify the computation formula
 Supplementary payments
 History of employee information and pay structure
 Generates Cash / Bank advice statements
 Extensive covering of all the tax rules related to TDS
 Leave details and Leave register
 Loan details and maintains current balances
 Utility for bulk loan issue
 Easily integrated with Attendance recording systems
 User definable custom reporting and querying facility
 Electronic bank transfer
 Pay slip Mailing
 Customizable for any future changes in pay structure
 e-TDS
 Form 3A -DBF conversion
 Declaration forms for ESI and PF
 CTC Statement
 ESI & PF challan
 Custom Query Builder for Report
 Multiple Group creation for PF, ESI & Tax
 Multi User creation & Privileges
Attendance Processing System