Employees Provident Fund
This query is : Resolved
03 March 2020
If liability created in salary entry then EPF payable/Liability A/c Dr
To Bsnk
03 March 2020
Check the salary entry
03 March 2020
If employer share is not accounted then
EPF liability
Employer share exp
To Bank
21 July 2024
To record Employees' Provident Fund (EPF) entries in Tally ERP 9 from a bank statement, you can follow these steps:
### Setting Up EPF Ledger in Tally
1. **Create EPF Ledger:**
- Go to `Gateway of Tally > Accounts Info > Ledgers > Create`.
- Enter the name as "Employees' Provident Fund" under the group "Duties & Taxes" or "Current Liabilities" (as per your preference and existing ledger structure).
- Set the appropriate type of ledger (Duty, Taxes, or Current Liabilities).
- Save the ledger.
### Recording EPF Contribution Entry
2. **Enter EPF Contribution:**
- Go to `Gateway of Tally > Accounting Vouchers > F5: Payment`.
- Enter the Date, Payment Bank Account, and other details as per the bank statement.
- Debit the respective employee's salary account for the amount deducted for EPF.
- Credit the EPF ledger account created earlier for the same amount.
### Example Entry:
- If you are making a payment of EPF contribution from your bank account:
- Debit: Employee Salary Account (e.g., "Salaries Payable" or "Employee Expenses") - Enter the amount.
- Credit: EPF Ledger (e.g., "Employees' Provident Fund") - Enter the same amount.
- Add narration, reference number, and other necessary details.
### Verification and Confirmation:
3. **Verify and Save:**
- Verify the entry for accuracy.
- Save the transaction.
### Additional Tips:
- **Reports:** You can generate EPF-related reports in Tally by going to `Gateway of Tally > Display > Statements of Accounts > Ledger` and selecting the EPF ledger to view transactions.
- **Reconciliation:** Regularly reconcile EPF contributions with bank statements to ensure accuracy and compliance.
This method allows you to accurately record EPF contributions in Tally ERP 9, ensuring your accounting records reflect the EPF deductions made for employees in accordance with statutory requirements.
### Setting Up EPF Ledger in Tally
1. **Create EPF Ledger:**
- Go to `Gateway of Tally > Accounts Info > Ledgers > Create`.
- Enter the name as "Employees' Provident Fund" under the group "Duties & Taxes" or "Current Liabilities" (as per your preference and existing ledger structure).
- Set the appropriate type of ledger (Duty, Taxes, or Current Liabilities).
- Save the ledger.
### Recording EPF Contribution Entry
2. **Enter EPF Contribution:**
- Go to `Gateway of Tally > Accounting Vouchers > F5: Payment`.
- Enter the Date, Payment Bank Account, and other details as per the bank statement.
- Debit the respective employee's salary account for the amount deducted for EPF.
- Credit the EPF ledger account created earlier for the same amount.
### Example Entry:
- If you are making a payment of EPF contribution from your bank account:
- Debit: Employee Salary Account (e.g., "Salaries Payable" or "Employee Expenses") - Enter the amount.
- Credit: EPF Ledger (e.g., "Employees' Provident Fund") - Enter the same amount.
- Add narration, reference number, and other necessary details.
### Verification and Confirmation:
3. **Verify and Save:**
- Verify the entry for accuracy.
- Save the transaction.
### Additional Tips:
- **Reports:** You can generate EPF-related reports in Tally by going to `Gateway of Tally > Display > Statements of Accounts > Ledger` and selecting the EPF ledger to view transactions.
- **Reconciliation:** Regularly reconcile EPF contributions with bank statements to ensure accuracy and compliance.
This method allows you to accurately record EPF contributions in Tally ERP 9, ensuring your accounting records reflect the EPF deductions made for employees in accordance with statutory requirements.
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