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How do I enter my salary information into the accounting module of MProfit?

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  • How do I enter my salary information into the accounting module of MProfit?

    Suppose you work for Honda Motors:

    Gross salary is Rs. 10,500
    Tax Deduction at Source is Rs. 300
    Professional Tax is Rs. 300
    So, the net salary paid to you is Rs. 9,900

    1. In the accounts section you will first have to create the various ledgers:
    Honda Motors under the Sundry Debtors group
    Salary Income under the Income group
    Tax Deduction at Source under the Expenses group
    Professional Tax under the Expenses group
    [​IMG]





    2.Click on Journal to create a journal voucher on the last day of the month and enter the details as below:
    [​IMG]

    3. Now your balance sheet will look like the following:[​IMG]

    4. When you receive the Rs. 9,900 in your bank account then create a Receipt voucher from your employer into your Kotak Bank account:
    [​IMG]

    5. Now your balance sheet will finally look like the following:[​IMG]



  • #2
    Hi, Can you update the above example to also show the treatment of EPF (Employee Provident Fund) deduction from salary and credit of that top the EPF ledger in PMS.
    The problem is when i try to assign the EPF entry to the Salary Income ledger, it says cannot assign to Income or Expense ledger
    Thanks
    Last edited by jinu_j; 03-04-20, 10:56 AM. Reason: Added Error Message

    Comment


    • Sovan
      Sovan commented
      Editing a comment
      Same problem

    • dkrish24
      dkrish24 commented
      Editing a comment
      Tanmay Keni, instead of a one-on-one call, if you can share screenshots like you did above, it would be helpful

  • #3
    Dear Jinu_J,

    Our support person will call and assist you today.
    MProfit Support

    Comment


    • #4
      Hi Tanmay,

      I have the same issue too. Can you share the Screenshots to do the EPF entries correctly so that it reflects in accounting as well as PMS modules please?

      In addition, there is also a deduction in paycheck for ESPP (Employee Stock Purchase Plan). After a certain number of deductions shares of the company are purchased. This should also be transferred to PMS module under Shares (if Indian market) or Private Equity (if shares are trading in a foreign country for MNC).

      Regards,
      Janakiraman.

      Comment


      • #5
        Dear Janakiraman M,

        EPF has to be entered in the same way you enter PPF in PMS module.

        And then assign the unassigned ledger to salary income as it is not debited from any bank.

        You can enter Employee Stock Purchase Plan under Private Equity.
        MProfit Support

        Comment

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