Provident Fund Management
Provident Fund Management in PrismERP is used to set up and handle all PF-related processes within payroll. It starts with defining the basic configuration such as employee eligibility, applicable employee types, and accounting setup for PF transactions.
The module also includes rules for PF calculation, where contribution percentages for employees and employers are defined along with the salary component used for calculation. In addition, slab-based rules and PF types are used to control how contributions are applied in different cases.
During payroll processing, the system identifies PF-enabled employees and calculates deductions based on the defined setup. These amounts are then recorded against employee PF accounts and reflected in payroll records.
PF income distribution is handled to allocate earnings generated from PF balances to employees based on their records. PF refund is applied during final settlement, where eligible amounts are calculated according to service duration and refund rules.