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What is Payroll - Understanding payroll management!

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Tally Solutions Pvt Ltd
Tally Solutions Pvt Ltd

This presentation will guide with the important terms in Payroll Management giving you an insight into what payroll management entails. Also you get to learn about statutory compliance, provident fund, employee state insurance, income tax along with how Payroll can be managed in Tally.ERP 9

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PAYROLL MANAGEMENT © 2012 Tally Solutions Pvt. Ltd. All Rights Reserved
Introduction  What is Payroll ? Payroll refers to the remuneration paid to the employees for services they provide during a certain period of time.  Why Payroll? - To track, calculate and pay the employees for their services rendered - Tracking statutory compliance of employees - Cost incurred towards payment of salary should effect the books of accounts – Profit & Loss account © 2012 Tally SolutionsLtd. All Rights Reserved © Tally Solutions Pvt. Pvt. Ltd. All Rights Reserved 2
Terminologies used in Payroll Earnings (Gross Salary) • Fixed • Variable Deductions • Non-Statutory • Statutory Basic Salary 10,000 House Rent Allowance 3,000 Conveyance 1,000 Bonus 8,000 15,000 GROSS SALARY 37,000 Canteen Deduction (1,000) Provident Fund Net Salary Variable Pay (1,200) Employee State Insurance (648) Professional Tax (200) NET SALARY © 2012 Tally SolutionsLtd. All Rights Reserved © Tally Solutions Pvt. Pvt. Ltd. All Rights Reserved 33,952 3
Statutory Compliance Four main Statutory components are : • Provident Fund Benefits given to the Employee • Employees’ State Insurance • Professional Tax Tax paid by the Employee • Income Tax © 2012 Tally SolutionsLtd. All Rights Reserved © Tally Solutions Pvt. Pvt. Ltd. All Rights Reserved 4
Provident Fund Benefit to the employees when they retire from Service Employers’ Employers’ Contribution Contribution @ 8.33% Employers’ Contribution @3.67% Provident Fund Employees’ Deduction © 2012 Tally SolutionsLtd. All Rights Reserved © Tally Solutions Pvt. Pvt. Ltd. All Rights Reserved Employees’ Deduction @ 12% 5
Employees’ State Insurance Protect workers in contingencies such as sickness, temporary or permanent physical disablement, death due to employment injury resulting in loss of wages or earning capacity. Employers’ Contribution @ 4.75% Employees’ State Insurance Employees’ Deduction @ 1.75% © 2012 Tally SolutionsLtd. All Rights Reserved © Tally Solutions Pvt. Pvt. Ltd. All Rights Reserved 6
Professional Tax • Professional Tax is a tax on employment • It is State specific. © 2012 Tally SolutionsLtd. All Rights Reserved © Tally Solutions Pvt. Pvt. Ltd. All Rights Reserved 7
Income Tax © 2012 Tally SolutionsLtd. All Rights Reserved © Tally Solutions Pvt. Pvt. Ltd. All Rights Reserved 8
Payroll in Tally.ERP9 Visit: http://www.tallysolutions.com/website/CHM/TallyERP9/Payroll/Enabling_Payroll_in_TallyERP.htm © 2012 Tally Solutions Pvt. Ltd. All Rights Reserved
Employee Database Payroll in Tally.ERP 9 Leave & Attendance Bonus & Gratuity Income Tax Overtime/ Production © 2012 Tally Solutions Pvt. Ltd. All Rights Reserved Salary Revision & Increments Employee State Insurance Provident Fund Loans & Advances Professional Tax
Features of Payroll • • • • • • Instant Access to Employee Information Pay the right amount – On time Improve employee satisfaction – manage Increments and Arrears On time recovery of loans and advances Meet all Accounting and Regulatory norms – instantly Payroll and Statutory Reports Visit: http://www.tallysolutions.com/website/CHM/TallyERP9/Payroll/Enabling_Payroll_in_TallyERP.htm © Tally Solutions Pvt. Ltd. All Rights Reserved Solutions Pvt. Ltd. All Rights Reserved 11
Instant Access to Employee Information • • • • • Centralised Database for Employees Instant access to Personal, Statutory and Expat details Manage Employees by Groups, Designation, Location and Shifts etc. Complete lifecycle support - Joining to Resignation Manage – Attendance, Leave, Overtime and Production details Visit: http://www.tallysolutions.com/website/CHM/TallyERP9/Payroll/Enabling_Payroll_in_TallyERP.htm © Tally Solutions Pvt. Ltd. All Rights Reserved Solutions Pvt. Ltd. All Rights Reserved 12
Pay the right amount - on time • • • • Salary Calculation as per your specific business needs Flexibility to define the method of Salary Calculation Payment Advice to bank - for on time Salary Payment Email Pay Slips to Employees on click of a button Visit: http://www.tallysolutions.com/website/CHM/TallyERP9/Payroll/Enabling_Payroll_in_TallyERP.htm © Tally Solutions Pvt. Ltd. All Rights Reserved Solutions Pvt. Ltd. All Rights Reserved 13
Improve employee satisfaction • • • • • Handles Salary Revision - both prospective and retrospective Instant Arrears Calculation Automatic TDS Deduction Manage the impact of Salary increment on PF, ESI, Income Tax and PT Handle Bonus and Gratuity Visit: http://www.tallysolutions.com/website/CHM/TallyERP9/Payroll/Enabling_Payroll_in_TallyERP.htm © Tally Solutions Pvt. Ltd. All Rights Reserved Solutions Pvt. Ltd. All Rights Reserved 14
On time recovery of loans and advances • Flexible options for Loan recovery (fixed EMI or User defined) • Recover Loan while processing payroll or separately • Facility to track the Loans recovered Visit: http://www.tallysolutions.com/website/CHM/TallyERP9/Payroll/Enabling_Payroll_in_TallyERP.htm © Tally Solutions Pvt. Ltd. All Rights Reserved Solutions Pvt. Ltd. All Rights Reserved 15
Meets accounting and Regulatory norms -instantly • Integrated with Accounts – saves time • Compliance for PF, ESI, Income Tax and PT as per the Central and State Government rules • Payroll and Statutory Forms as per relevant Acts provided Visit: http://www.tallysolutions.com/website/CHM/TallyERP9/Payroll/Enabling_Payroll_in_TallyERP.htm © Tally Solutions Pvt. Ltd. All Rights Reserved Solutions Pvt. Ltd. All Rights Reserved 16
Payroll and Statutory Reports - 1 • Statements of Payroll • Pay Slip • Pay Sheet • Payroll Statement • Payment Advice • Payroll Register • Employee Profile • Employee Head Count • Employee Pay Head Breakup • Pay Head Employee Breakup • Attendance Reports • Attendance Sheet • Attendance Register © Tally Solutions Pvt. Ltd. All Rights Reserved Solutions Pvt. Ltd. All Rights Reserved 17
Payroll and Statutory Reports - 2 • Expat Reports • Passport Expiry • Visa Expiry • Contract Expiry • PF Reports • • • • • • • • Computation sheet Form 5 Form 10 Form 12A Monthly Statement E-Challan Return (ECR) Form 3A (both physical and E-return format) Form 6A © Tally Solutions Pvt. Ltd. All Rights Reserved Solutions Pvt. Ltd. All Rights Reserved 18
Payroll and Statutory Reports - 3 • ESI Reports • • • • • Form 3 Monthly Statement E-Return Form 5 Form 6 • PT Reports • Computation sheet • Statement • Gratuity • Gratuity Summary © Tally Solutions Pvt. Ltd. All Rights Reserved Solutions Pvt. Ltd. All Rights Reserved 19
Payroll and Statutory Reports - 4 • Income Tax • Computation sheet • Salary Projection • Challan Reconciliation • Returns • Form 24Q • Annexure I to Form 24Q • Annexure II to Form 24Q • Form 16 • Form 12BA • ITR – 1 • E-Return • E-24Q • Form 27A © Tally Solutions Pvt. Ltd. All Rights Reserved Solutions Pvt. Ltd. All Rights Reserved 20
See it in Action Visit the link below to see Payroll in Tally.ERP 9 http://www.tallysolutions.com/website/CHM/TallyERP9/Payroll/Enabling_Payroll_in_TallyERP.htm Register for a Tally.ERP 9 demo at your place by clicking here © Tally Solutions Pvt. Ltd. All Rights Reserved Solutions Pvt. Ltd. All Rights Reserved 21
Thank you Tally Solutions Pvt. Ltd. 331 - 336, Raheja Arcade Koramangala Bangalore - 560 095 Tel : +91 (80) 30282559 Fax : +91 (80) 30287329 Email: sales@tallysolutions.com © Tally Solutions Pvt. Ltd. All Rights Reserved

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What is Payroll - Understanding payroll management!

  • 1. PAYROLL MANAGEMENT © 2012 Tally Solutions Pvt. Ltd. All Rights Reserved
  • 2. Introduction  What is Payroll ? Payroll refers to the remuneration paid to the employees for services they provide during a certain period of time.  Why Payroll? - To track, calculate and pay the employees for their services rendered - Tracking statutory compliance of employees - Cost incurred towards payment of salary should effect the books of accounts – Profit & Loss account © 2012 Tally SolutionsLtd. All Rights Reserved © Tally Solutions Pvt. Pvt. Ltd. All Rights Reserved 2
  • 3. Terminologies used in Payroll Earnings (Gross Salary) • Fixed • Variable Deductions • Non-Statutory • Statutory Basic Salary 10,000 House Rent Allowance 3,000 Conveyance 1,000 Bonus 8,000 15,000 GROSS SALARY 37,000 Canteen Deduction (1,000) Provident Fund Net Salary Variable Pay (1,200) Employee State Insurance (648) Professional Tax (200) NET SALARY © 2012 Tally SolutionsLtd. All Rights Reserved © Tally Solutions Pvt. Pvt. Ltd. All Rights Reserved 33,952 3
  • 4. Statutory Compliance Four main Statutory components are : • Provident Fund Benefits given to the Employee • Employees’ State Insurance • Professional Tax Tax paid by the Employee • Income Tax © 2012 Tally SolutionsLtd. All Rights Reserved © Tally Solutions Pvt. Pvt. Ltd. All Rights Reserved 4
  • 5. Provident Fund Benefit to the employees when they retire from Service Employers’ Employers’ Contribution Contribution @ 8.33% Employers’ Contribution @3.67% Provident Fund Employees’ Deduction © 2012 Tally SolutionsLtd. All Rights Reserved © Tally Solutions Pvt. Pvt. Ltd. All Rights Reserved Employees’ Deduction @ 12% 5
  • 6. Employees’ State Insurance Protect workers in contingencies such as sickness, temporary or permanent physical disablement, death due to employment injury resulting in loss of wages or earning capacity. Employers’ Contribution @ 4.75% Employees’ State Insurance Employees’ Deduction @ 1.75% © 2012 Tally SolutionsLtd. All Rights Reserved © Tally Solutions Pvt. Pvt. Ltd. All Rights Reserved 6
  • 7. Professional Tax • Professional Tax is a tax on employment • It is State specific. © 2012 Tally SolutionsLtd. All Rights Reserved © Tally Solutions Pvt. Pvt. Ltd. All Rights Reserved 7
  • 8. Income Tax © 2012 Tally SolutionsLtd. All Rights Reserved © Tally Solutions Pvt. Pvt. Ltd. All Rights Reserved 8
  • 10. Employee Database Payroll in Tally.ERP 9 Leave & Attendance Bonus & Gratuity Income Tax Overtime/ Production © 2012 Tally Solutions Pvt. Ltd. All Rights Reserved Salary Revision & Increments Employee State Insurance Provident Fund Loans & Advances Professional Tax
  • 11. Features of Payroll • • • • • • Instant Access to Employee Information Pay the right amount – On time Improve employee satisfaction – manage Increments and Arrears On time recovery of loans and advances Meet all Accounting and Regulatory norms – instantly Payroll and Statutory Reports Visit: http://www.tallysolutions.com/website/CHM/TallyERP9/Payroll/Enabling_Payroll_in_TallyERP.htm © Tally Solutions Pvt. Ltd. All Rights Reserved Solutions Pvt. Ltd. All Rights Reserved 11
  • 12. Instant Access to Employee Information • • • • • Centralised Database for Employees Instant access to Personal, Statutory and Expat details Manage Employees by Groups, Designation, Location and Shifts etc. Complete lifecycle support - Joining to Resignation Manage – Attendance, Leave, Overtime and Production details Visit: http://www.tallysolutions.com/website/CHM/TallyERP9/Payroll/Enabling_Payroll_in_TallyERP.htm © Tally Solutions Pvt. Ltd. All Rights Reserved Solutions Pvt. Ltd. All Rights Reserved 12
  • 13. Pay the right amount - on time • • • • Salary Calculation as per your specific business needs Flexibility to define the method of Salary Calculation Payment Advice to bank - for on time Salary Payment Email Pay Slips to Employees on click of a button Visit: http://www.tallysolutions.com/website/CHM/TallyERP9/Payroll/Enabling_Payroll_in_TallyERP.htm © Tally Solutions Pvt. Ltd. All Rights Reserved Solutions Pvt. Ltd. All Rights Reserved 13
  • 14. Improve employee satisfaction • • • • • Handles Salary Revision - both prospective and retrospective Instant Arrears Calculation Automatic TDS Deduction Manage the impact of Salary increment on PF, ESI, Income Tax and PT Handle Bonus and Gratuity Visit: http://www.tallysolutions.com/website/CHM/TallyERP9/Payroll/Enabling_Payroll_in_TallyERP.htm © Tally Solutions Pvt. Ltd. All Rights Reserved Solutions Pvt. Ltd. All Rights Reserved 14
  • 15. On time recovery of loans and advances • Flexible options for Loan recovery (fixed EMI or User defined) • Recover Loan while processing payroll or separately • Facility to track the Loans recovered Visit: http://www.tallysolutions.com/website/CHM/TallyERP9/Payroll/Enabling_Payroll_in_TallyERP.htm © Tally Solutions Pvt. Ltd. All Rights Reserved Solutions Pvt. Ltd. All Rights Reserved 15
  • 16. Meets accounting and Regulatory norms -instantly • Integrated with Accounts – saves time • Compliance for PF, ESI, Income Tax and PT as per the Central and State Government rules • Payroll and Statutory Forms as per relevant Acts provided Visit: http://www.tallysolutions.com/website/CHM/TallyERP9/Payroll/Enabling_Payroll_in_TallyERP.htm © Tally Solutions Pvt. Ltd. All Rights Reserved Solutions Pvt. Ltd. All Rights Reserved 16
  • 17. Payroll and Statutory Reports - 1 • Statements of Payroll • Pay Slip • Pay Sheet • Payroll Statement • Payment Advice • Payroll Register • Employee Profile • Employee Head Count • Employee Pay Head Breakup • Pay Head Employee Breakup • Attendance Reports • Attendance Sheet • Attendance Register © Tally Solutions Pvt. Ltd. All Rights Reserved Solutions Pvt. Ltd. All Rights Reserved 17
  • 18. Payroll and Statutory Reports - 2 • Expat Reports • Passport Expiry • Visa Expiry • Contract Expiry • PF Reports • • • • • • • • Computation sheet Form 5 Form 10 Form 12A Monthly Statement E-Challan Return (ECR) Form 3A (both physical and E-return format) Form 6A © Tally Solutions Pvt. Ltd. All Rights Reserved Solutions Pvt. Ltd. All Rights Reserved 18
  • 19. Payroll and Statutory Reports - 3 • ESI Reports • • • • • Form 3 Monthly Statement E-Return Form 5 Form 6 • PT Reports • Computation sheet • Statement • Gratuity • Gratuity Summary © Tally Solutions Pvt. Ltd. All Rights Reserved Solutions Pvt. Ltd. All Rights Reserved 19
  • 20. Payroll and Statutory Reports - 4 • Income Tax • Computation sheet • Salary Projection • Challan Reconciliation • Returns • Form 24Q • Annexure I to Form 24Q • Annexure II to Form 24Q • Form 16 • Form 12BA • ITR – 1 • E-Return • E-24Q • Form 27A © Tally Solutions Pvt. Ltd. All Rights Reserved Solutions Pvt. Ltd. All Rights Reserved 20
  • 21. See it in Action Visit the link below to see Payroll in Tally.ERP 9 http://www.tallysolutions.com/website/CHM/TallyERP9/Payroll/Enabling_Payroll_in_TallyERP.htm Register for a Tally.ERP 9 demo at your place by clicking here © Tally Solutions Pvt. Ltd. All Rights Reserved Solutions Pvt. Ltd. All Rights Reserved 21
  • 22. Thank you Tally Solutions Pvt. Ltd. 331 - 336, Raheja Arcade Koramangala Bangalore - 560 095 Tel : +91 (80) 30282559 Fax : +91 (80) 30287329 Email: sales@tallysolutions.com © Tally Solutions Pvt. Ltd. All Rights Reserved

Notas del editor

  1. A question to audience– What is Payroll? Our explanation Payroll is a remuneration paid by the employer to the employee for the work done for a certain period of time