What is Payroll?

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 Payroll:-

 Payroll is an aggregation of the total amount of wages paid by the company to its employees. This is one of the most important expenses for businesses; It is therefore a very complex expense for companies to process. Processing the payroll slip is a very time-consuming task that is reserved with the company.

 Enabling Payroll in Tally:-G.O.T⟶Press F11 Feature (Company Features)⟶Accounting Features⟶Maintain Payroll⟶Yes
Step 1⟹ Create Pay Heads         
The components of structured salary are created under Pay Head create the salary structure components in pay head.
The Pay heads are basically of two types
  1. Earning Pay-heads
  2. Deduction Pay-heads
Example of Earning Pay-heads⟶Basic Salary, HRA(House Rent Allowance) , TA(Traveling Allowance) , DA(Dearness Allowance), Over Time.
Example of Deduction Pay heads⟶PF (Provident Fund), ESIC(Employee State Insurance Corporation),Leaves.
Step 2⟶Create Employee Groups
Employee groups command is the command option under Payroll info which let you create and alter the different Employee groups and hierarchies. In a company we can create different employee groups.
G.O.T⟶Payroll Info⟶Employee Groups⟶Single⟶Create

Example:- Category---Marketing
Name---Marketing Group
Under—Primary
Step 3⟶Create Employees
After creating employee group we can start creating employee for the record to be entered.
G.O.T⟶Payroll Info⟶Employees⟶Single Employee ⟶Create
Step 4⟶Create Salary Detail
G.O.T⟶Payroll Info⟶Salary Detail⟶Create

Interest Calculation

Interest calculation on outstanding balances is allowed for any ledger account. We simply specify the interest rate and style of calculation. Nothing is required to be done for interest during voucher entry.

Activation:- G.O.T⟶ Press F11⟶ Accounting Feature⟶ Activate Interest Calculation-yes 
Use Advance Parameters:- Yes Ctrl+A (For Save)
Taking Loan:- G.O.T⟶ Accounting Voucher⟶ Journal

Particular                                        Debit                                        Credit 

Dr Receiver (Bank A/c)                  Amount
    
Cr Giver (Loan Liability)                                                                 Amount

Check Interest:-G.O.T⟶ Display⟶ Statement of Account⟶ Interest Calculation⟶ Interest payable⟶ Press Alt + F2
Change Period
Form  : 1-4-2019
To      : 1-4-2020
Payment:- G.O.T⟶ Accounting Voucher⟶ Press F5 for Payment Voucher

Particular                                           Debit                                                            Credit

Dr Receiver (Loan & Liability)          Amount

Cr Giver (Bank A/c)                                                                                             Amount      

Dr Interest (Indirect Expenses)           Amount



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