Manage Multiple Funds
(PF, Gratuity & WPPF)
There will be options in the system to manage multiple types of funds from the same system (for example, Provident Fund, Gratuity Fund, Workers Profit Participation Fund and Etc. System will be able to segregate the information of each fund and user will also be permitted to access the funds separately.
Integration with Payroll
There will be option to integrate the Fund Management system with Payroll system so that the information can automatically sync regarding monthly member update, monthly member contribution, Loan Schedule creation, Loan instalment reimbursement etc.
ESS for Balance Check & Loan application
Employee will have a Self-Service Portal from where they will be able top check their balance and also be able to apply for loans which will be sent to approvers online.
Final settlement
When a fund member is opting out of the fund or is discontinuing job, the final settlement can be calculated accurately from the system.
Auto Vouchering, Journal Voucher Entry option
As there is a Financial Accounting system behind the Fund Management system, system will be able to cerate a journal voucher automatically with each activity (Loan Issue, Monthly Contribution upload, etc.). There will be option to cerate journal vouchers manually in cases of special type of entries like Auditors’ Fee.
Monthly Contribution Excel Upload
If the Integration with payroll option is not available, there will be option to upload the Monthly Contribution via excel files.
Loan Issue and settlement
There will be option to issue loans to fund members creating loan schedules. Also, loans can be settled early if members want to.
Profit Calculation
After completing all monthly and yearly transactions of a Fund, system will be able to automatically calculate the profit of a particular year.
Investment Purchase, Accrual & Encashment
There will be option in the system to enter the Investment Purchase Information with different interest schedules with auto vouchering facility. There will also be option to accrue the investment interest on monthly or yearly basis. After the Investment maturity, user will be able to encash or renew the investment.
PF Balance Withdrawal
Employee can withdraw his/her PF balance anytime and admin will be able to manage that information in the system accordingly.
Payroll integration for Loan installment deduction
If integration with Payroll is available, Loan installment deduction information can be fetched from the payroll application to the fund management system automatically each month.
Profit Distribution
After calculating the profit, system will be able to distribute the profit into the members as per the profit distribution policies.
