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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

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