1. Collection of attendance / collation of attendance

2. Scrutunizing the received attendance 

3. Calculating the salary as per the attendance, based on LOP received

4. Once the Payroll Processing is over, the gross salary should be checked with Master Data of salary.

5. Netpay has to request for bank transfers / cheque 

6. Need to take care of statutories like PF / ESI / PT / Income Tax

7. While processing salary, statutory deductions like PF / ESIC / PT and income tax calculations tobe taken care.

8. Arriving the salary structure for New Joiners

9. F&F tobe done for resigned employees

10. PF & ESI Nomination has to take care for the new joiners

11. PF Settlement / PF transfer has to take care for the resigned employees after 60days from the date of resignation.

Paycheck - this is the method by which the Employee is paid (A Bank Check/Cheque or Direct Deposit to Bank)

Payslip - Also called as Pay Stub is the paper which will typically detail the gross income and all taxes and any other deductions such as retirement plan contributions, insurances, garnishments, or charitable contributions taken out of the gross amount to arrive at the final net amount of the pay, also including the year to date totals in some circumstances.

It is Rs. 10,00,000 now.

Wage Revisions as per wage policy every finanical year means April of the every year will revised.

At the same time Basic is revised as per appointment order like we are given probation period to every employee after completion of the employee probation than basic also revised and depends upon Organisation Structure also.

Professional Tax

ESI

PF

Recoveries

Advances if any

Gratuity is paid to all such employees after their resignation or retirement.Incase of resignation gratuity is paid to such employees who have completed 5 years of service.

Calculation of gratuity = Basic + DA x (15/26) x Total no. yrs service

15- Half month

26- Excluding 4 sundays

The types of accounts that appear on the post-closing trial balance are the permanent accounts, Assets, Liability and Owner's capital. Permanent accounts is also called real accounts.

Purchasing good two kinds of entry 

Either Cash or Credit 

If Cash

Purchase A/c ------ Dr  xx  To Cash A/c

(Being good purchase on cash)

If Credit 

Purchase A/c ---- Dr  To Supplier A/c

(Being goods purchase on Credit)