Skip to end of metadata
Go to start of metadata

You are viewing an old version of this page. View the current version.

Compare with Current View Page History

« Previous Version 13 Next »

Introduction

A deduction master is defined to create a reference between ledger codes and to the standard and statutory deductions that is deducted in various creditor bills. By defining this deduction master, accounts department can process the remittance of all the deductions done for a time period at once and keep track of the same.

An example of a deduction is what is deducted from salary bill as income taxes.

Data Table

*Sr. No

*Deduction Name

*Deduction Code

Subledger Type

*Account Code

*Remitted To

IFSC Code

Account No

Description

1

CPF Deduction

CPF

Employee

3502003 - CPF Deduction

Central Provident Fund Board

UBIN0XXXX69

2XXXX1234XX4

CPF Deduction

2

TDS Deduction

TDS

Contractor

3502001 - TDS Deduction

Central Government

ICICI00XXXX7

6XXX97156XX5

TDS Deduction

3

TDS from Employees

TDS Employees

Employee

3502008 - TDS Employee

Central Government

HDFC00XXX51

9XXXX759691XX7

TDS from Employees

Procedure

Data Definition

  • Sr. No: Defines the serial no of the line item.

  • Deduction Code: A unique code that identifies the deduction name, this will help the user to easily identify the deduction type while doing a transaction.

  • Deduction Name: The name for the deduction head, wherein users use this deduction head name while posting the transactions into the system and also user can generate individual report using the deduction name.

  • Subledger Type: The subledger type indicates the deduction made during a particular transaction. Example: When a payment to be made for a contractor, TDS deduction is done and “Contractor” would be mapped to the subledger type.

  • Account Code: A set of GL code would be mapped for the deduction code, these accounts codes would be used in the transaction when a deduction need to be made.

  • Remitted To: The “Remitted To” represent the relevant government department to which all the statutory remittances like Provident fund, TDS, CPF and ESI etc are deducted and remitted as per the Act.

  • IFSC Code: The Bank IFSC code pertaining to the bank Account of the relevant government department, the IFSC code will be a validation check for the bank account.

  • Account Number: The Bank account number represent the account number to which all the deduction which are made would be remitted.

  • Description: A short description shows the deduction details for which the remittance made to the relevant government department.

Steps to fill data

  • Identify Deduction list that exists at a State level.

  • Download both the attached template and to updated all the details as per the above information in the empty template provided. The sample data template can be used as a reference to fill in the data.

  • Read through all the information above before updating the template with relevant information.

Validations

  • All the fields with * sign are mandatory to be filled in. Without this information, the system configurations cannot be executed.

  • Deduction Code should to be unique and Length of the code should not exceed max 20 characters.

  • The Length of the name should not exceed 50 characters.

  • The format of the Account Code to be 7 to 9 digits numeric and unique no repetitive code should be entered.

  • The IFSC code should consist of 11 digit alphanumeric (Example ICICI0XXXX97) and the length should not exceed 11 characters.

Attachments

  • Refer to the “Deduction List” in the uploaded template.

  • For sample data reference, refer to the uploaded “sample date” file.

  • No labels