CASE STUDY - VI wr. Gulabchand Sharma started a business under the name and style “Galaxy Knowledge solutions” for the year 2017-18. You are required to complete the following tasks Create Company Record Transactions ¢ Prepare Financial Statements Create Company Create a new company and fill the following fields as per given particulars: = Directory: Default Directory = Name: Galaxy Knowledge Solutions Primary Mailing Details = Mailing Name: Galaxy Knowledge Solutions = Address: #405/1, Netaji Subhash Marg, Pitampura, New Delhi ® Statutory compliance for: Select India = State: Select Dethi = Pin Code: 110034 Q Contact Details = Telephone No.: 011-2458796 = Mobile No.: 9867847582 ™ Fax No.: 011-2458896 = E-mail: gks.delhi@gmail.com " Website: www.galaxyknowledge.com Q Books and Financial Year Det "Financial Year From: Enter 1-4-2017 ® Books Beginning From: Enter 1-6-2017 Q Security Control ™ TallyVault Password (if any): Skip ™ Use Security Control: Noints only to Yes l-wise details to No lect Voucher Entry. Now Voucher configu in the screen as per given below:Transaction 5-6-2017 _| Mr. Gulabchand started a business with cash % 5,00,000. 4, Create Ledger - Gulabchand's Capital (Under Capital Account) Go to Gateway of Tally>Accounts Info.>Ledgers>Create (Single Ledger) = Name: Gulabchand’s Capital "= Under: Capital Account "Mailing Details: Enter mailing details (if any) "= Provide Bank Details: No. ™ Opening Balance : (on 1-Jun-2017): Leave the field blank 2. Voucher — Receipt (F6) 3. Press F2 and Enter Date - 5 To: Sunil Joshi’s Capital 5,00,000 By: Cash 500,000 2. | 10-6-2017 | Mr. Gulabchand deposited cash 4,00,000 in to HDFC Bank 1. Create Ledger — HDFC Bank (under Bank Accounts) "Name: HDFC Bank "Under : Bank Accounts "Bank Account Details © Alc holder’s Name: Galaxy Knowledge Solutions Alc No.: 51002005545 IFSC Code: HDFC0000158 Branch : South Extension-I! Set cheque books: No 9 8 OOD Set Cheque printing configuration : No © Enter other details as per your requirements 2. Voucher — Contra (F4) 3. Press F2 and Enter Date — 10Mr. Gulabchand appoint the following employees 1. Manoj Choudhary as Accountant Manager 2. Rahul Rai as Sales Manager 3. Pooja Sangwan as Production Manager ‘Their pay structure is as shown in the following table. The pay stu 8 shown in the [reviews | couch | naa Pao Basic Pay %8,000/Month &_7,000/Month % 6,000Month HRA 20% of Basic Pay | 20% of Basic Pay | 20% of Basic Pay Conveyance Allowance 400 per Month | % 800 per Month | 600 per Month Bane : % 100 /Hrs. 50 Hrs, 80 firs. Canteen Deduction | = 500 Fiat per Month Bonus As User Defined Value Reimbursement As User Defined Value Professional Tax As per law on current earning totals I [<5000(0), <8000(60), <10000(100), <15000(150)., else 200} Income Tax As per Income Tax Slab | Gratuity As per law Employee's EPF Deduction@12% As per law, 12% on Basic Pay Employee's ES! Deduction@1.75% | As per law, 1.75% on Basic Pay Employee's NPS Deduction@10% As per law, 10% on Basic Pay Employer EPS Contribution@8.33% As per law, 8.33% on Basic Pay or € 541 whichever is less Employer EPF Contribution@3.67% As per law, EPF Deduction@12%-EPS Contribution @8.33% Employer ES! Contribution @4.75% As per law, 4.75% on Basic Pay Employer NPS Contribution@10% ‘As per law, 10% on Basic Pay Advance Salary Deduction As User Defined Value Employer's Other Charges Pay Heads PF Admin Charges@1.10% ‘As per law 1.10 % on PF Gross EDLI Admin Charges @0.01% 'As per law 0.01 % on PF Gross: ‘As per law 0.50 % on PF ¢Go to Gateway of Tally>Payroll info. >Att ™ Name: Absent Under: Primary Attendance Type: Leave without Pay Period Type: Days (Auto Display) REMEMEI NT MeL EET + Primary ‘Attendance type Leave without Pay | ‘Period type Days 5. Create Attendance/Production Type - Overtime Go to Gateway of Tally>Payroll Info.>Attendancs ™ Name: Overtime " Under: Primary ™ Attendance Type: Production ™ Unit: Hrs.6. Create following Pay Heads Go to Gateway of Tally>Payroll info.»Pay Heads>Create (A) Create Pay Head- Basic Pay Name: Basic Pay * Pay Head Type: Earnings for Employees = Income Type: Fixed Under: Indirect Expenses Affect Net Salary: Yes Name to be display in Payslip: Basic Pay STS Name Basic Pay (ates) Pay Head information Pay head type Eamings for Employees Income type Fixed Under Indirect Expenses ate: nt sty Yes Nanette nos "ea [Use for calculation ioe 7 Yes: eee Setter icome Tax Dale Catataion ype ‘ttendancefer wth pay ive wabout poy Callan period acs of cleltion er éay) Calendar Pood Rounding Off Information Method - Normal RoundingUnder: Indirect Expenses Affect Net Salary: Yes Name to be display in Payslip: HRA Use for calculation of Gratuity: No Sel/Alter income tax Details: Yes Calculation Type: As Computed Value a Rounding Method: Normal Rounding and Limit: 1 Compute: On Specified Formula . © Select Basic Pay Effective From: 1-Jun-2017 Slab Type: Percentage Value: 20%Name to be display in Payslip: Overtime Use for calculation of Gratuity: No Set/Alter Income Tax Details: © Income Tax Component: Other Earning Allo ‘© Tax Calculation Basis: On Actual Value | © Deduct TDS Across Period(s): No Exclude for ESI Eligibility: Yes Calculation Type: On Production Production Type: Overtime‘© Deduct TDS Across Period(s): No "Exclude for ESI Eligibility: Yes "Calculation Type: As User Define Valuee: On Current Earnings ‘Effective From: 1-Jun-2017 :*© Effective From: 41-Jun-2017 = Skip Amount Up to fields. ® Slab Type: Percentage| Case Study- VI (Payroll Management) a Name (ies) Employee's NPS Deductionaai0% (N) Create Pay Head — Employee's NPS Deduction@10% Name: Employee's NPS Deduction@10% Pay Head Type: Employees’ Statutory Deductions © Statutory Pay Type: National Pension Scheme (Tier-) Under: Current Liabilities Affect Net Salary: Yes Name to be display in Payslip: NPS Deduction@10% Calculation Type: As Computed Value Rounding Method: Normal Rounding and Limit: 1 Compute: On Specified Formula © Select Basic Pay © Select End of List Effective From: 41-Jun-2017 Skip Amount Up to fields. Slab Type: Percentage Value:10% Pay head type Statutory pay type Under Act net salary Calculation type Calculation periog Pay Head! Information " 2 Yes tame ta be displayed in paysip - NPS Deduction@10% Rounding Of information [Rounding Method « Notmmal Rounding Limit Computation Informa Enployeos’Stamory Deductore | Compute On Speci atonal Pension Scheme (Tiet-l) [Spectied formula «Basic Pay Effective | Amount] Amount Up From _|Greater Than| To. Current Liabilities un 2017 Percentage! ‘As Computed Value Months Opening Balance (on tJun 2017) =Subtract Pay Head * Skip From Amount and Amount Up to fields = Slab Type: Percentage 3 ™ Value:100%fe: On Specified Formula Select Basic PayTally Workbook (C) Create Pay Head — EDLI Contribution@0.50% = Name: EDL! Contribution@0.50% = Pay Head Type: Employer's Other Charg! © Statutory Pay Type: EDLI Contribution (A/c No. 21) Under: Current Liabilities Affect Net Salary: No Effective From: 1-Jun-2017 Slab Type: Percentage Value: 0.50% EDL! Contributiona0:50% Pay Head information eee ‘ Information Pay head ype Employer's Other Charges Stator pay ype EDL Contibuion Wc We.21) | Efecive ] “Amount Up | Slab Type) {Greater Than] To Under Current Liabilities Percentage) JAfect nt salary 20 Calculation type As Computed Value Calculation period Months Rounding Method: Normal Rounding — Limit 4 Opening Balance (on tJun 2017) + Note: This Pay Head will not be included in the Salary Detalls for the Employees as thi is an employer related expense and needs to be handled separately. >= Name: PF Payable "Pay Head Type: Not Applicable -™ Under: Current Liabilitiescase Study- VI (Payroll agement) “sr | 40. Create Employee Master as per given above table Go to Gateway of Tally>Payroll info.>Employees>Croate A. Create Employee Master ~ Manoj Choudhary ™ Name: Manoj Choudhary Display Name in Reports as: Manoj Choudhary Under: Primary Date of Joining: 1-Jul-2017 Define Salary Details: No Enter the General Info details as per given below: © Employee Number: GS001 © Designation: Accountant ‘© Function: Accounting © Location: New Delhi © Gender: Male © Date of Birth: 2-Apr-1984 © Blood Group: A Positive © Father/Mother Name: Sh. Ram Kumar ‘© Spouse Name: Mrs. Sunita Choudhary © Address: HN121, Near Shiv Temple, Anand Vihar, Delhi ‘© Contact Numbers: 09886250062 © E-mail ID: manojchoudhary84@gmail.com ™ Provide Bank Details: Set Yes and Enter Bank Details © Alc Number: 65962574751 © IFS Code : HDFC0001668 ‘© MICR Code Number: 110240197 © Bank Name: HDFC Bank © Branch: Ashok Vihar, Delhi © Set Bank Details ™ Enter Statutory Details ‘© Income Tax Number (PAN): AXDPG2541L PF Account Number: DLIRG\0145896 EPS Account Number: DLIRG\0145896 PF Date of Joining: 1-Jul-2017 PR Account Number: 014785236 ESI Number: DL\ESIN741852 ESI Dispensary Name: Pi ipo 0 0 0 O= case Study- VI (Payroll Management) [__ G. Create Employee Master - Pooja Sangwan ™ Category: Primary Cost Category ™ Name: Pooja Sangwan ™ Under: Primary ™ Date of Joining: 1-Jul-2017 ™ Define Salary Details: No ™ Enter the General Info details as per given below: ‘© Employee Number: GS003 © Designation: Production Manager ‘© Function: Production © Location: New Delhi © Gender: Female © Date of Birth: 31-May-1986 © Blood Group: O Negative Father/Mother Name: Sh. Achal Singh Spouse Name: Mr. Rakesh Kumar Address: #208, GL Apartment, Sec-15, Dawarka, New Delhi Contact Numbers: 09965498021 © E-mail ID: Pooja86@gmail.com ° ° ° ° ™ Provide Bank Details: Set Yes and Enter Bank Details © Alc Number: 6547859652 © IFSC Code : HDFC0001668 © MICR Code Number: 110240197 © Bank Name: HDFC Bank © Branch: Ashok Vihar, Delhi © Set Bank Details ™ Enter Statutory Details ‘© Income Tax Number (PAN): AXXCS0185D, © Aadhaar number: 4562 2541 8965 7485 © PF Account Number: DLIRG\0145920 © EPS Account Number: DL\RG\0145920 © PF Date of Joining: 1-Jul-2017 © PR Account Number: 013655258 © ES! Number: DL\ESI741920 © ESI Dispensary Name: Pitampura41. Create Employee Salary Details as per given above table Go to Gateway of Tally>Payroll Info.>Salary DetailsDefine A. Create Employee Salary Details ~ Manoj Choudhary ™ Effective from : 1-Jul-2017 ™ Select Pay Head as per given below: Select Basic Pay and enter amount of % 8,000 Select HRA Select Conveyance Allowance and enter amount of Z 400 Select Overtime and enter amount of & 100 Select Canteen Deduction and enter amount of 500 Select Bonus Select Reimbursement Select Professional Tax Select Income Tax Select Gratuity Select Employee’s EPF Deduction@12% Select Employee's ES! Deduction@1.75% Select Employee’s NPS Deduction@10% Select Employer's EPS Contribution@8.33% Select Employer's EPF Contribution@3.67% Select Employer's ESI Contribution@4.75% Select Employer's NPS Contribution@10% Select Advance Salary Deduction 000000000000000000 Name Manoj Choudhary 65001) oder Primary ‘Satay Detail Fave Pay Head Rae] Per] Pay ead Type | Calculation pe Computed Om ‘autznn Basic Pay 1000 09| Meto| Earnings for Employees | On Atendance Exmings for Employees | As Computed Value| Basic Conveyance Aoance 40a Exige Enpioyers | Ffie oy arin is. |Eamings forEmployees | On Production amen edcton 500 00| Maets| Deductions From Employees Flat Rate Earnings for Employees As User Defd Bensrsneat>Epy A Dea phys Sanna Deductors| As Compited Valua| On Current Tow Enphoes Stary Dedctou As Perle fy Sb ee Employes PF ede Fees see ene eee nplayess EP Deducong2 Employees ES Deucaona. 7 Espey Senay Darton As anu Employee's NPS Deduction@i10% Employees’ Siatviory Deduciions| As Computed Vatu Employers EPS Contibutiona 3 Employers Suntory Contes] As Computed Value sirius Expo Sey Coates As Computed Val : : ‘ning yan Emlyers st oman 25 etre Se Sern omer a ey Agra Slay Dodecton Lean and Adress "Aste be° ° ° ° ° ° ° ° ° ° ° ° ° ° ° Select Canteen Deduction ‘Select Bonus Select Reimbursement Select Professional Tax Select Income Tax Select Gratuity ; Select Employee's EPF Deduction@12% Select Employer's EPS Contribution@ Select Employer's EPF Contribution@3. Select Employer's NPS Contribution@1 Select Advance Salary DeductionC. Create Employee Salary Details ~ Pooja Sangwan © Effective from : 1-Jul-2017 ®™ Pay Head: Select Pay Heads as per given below: Select Basic Pay and enter amount of % 6,000 00000000000000000 Select HRA Select Conveyance Allowance and enter amount of 7 800 Select Overtime and enter amount of % 80 Select Canteen Deduction and enter amount of 7 500 Select Bonus Select Reimbursement Select Professional Tax Select Income Tax Select Gratuity | Select Employee’s EPF Deduction@12% | Select Employee’s ESI Deduction@1.75% Select Employee’s NPS Deduction@10% Select Employer's EPS Contribution@8.33% Select Employer's EPF Contribution@3.67% Select Employer's ESI Contribution@4.75% Select Employer's NPS Contribution@10% Select Advance Salary Deduction Salary Detail Pay Head Type Earnings for Employees Exrings for Empeyensfor the successful Income Tax computation. You can Toho ESOT d 4) Pay Head Configuration 2) Declarations 3) Override Exemption Value 4) Override Tax Value 5) Tax Configuration 6) Previous Employer Details 4. Pay Head Configuration aay of Tally>Payroll Info.>Income Tax Details»Pay Head Configuration ee rer EsrrgaAlowarce (Fay Taxable) lee feeenel * Those Pay Heads which are already configured for the Income Tax will be shown if bold. The Pay Heads which are not configured are shown in Italics. * To configure the Pay head, press Enter key after selection of Pay Head + In Income Tax Configuration screen configure the Pay Head as per g2. Pay Head Declaration Gateway of Tally>Payroll Info.>Income Tax DetailsDeclaration ono Details of rer oid payable by the employeos, and place, ether eto oF ron-ner, where Sich accommedation 6 somes (re akomance is azecticely grated o meet expendture actualy ncuned on payment of rent respect Cf reser scconmedetin) Leave Travel Arsitnce alin exemeton aroun for Leave Travel Assistance (Trav concession oeesstace provided mn connection vit proceeding cn leew 1 ay place in Inia) = Transport Allowance Declration of emplaee’s physca! status (bind or onhonedtc el hance agoed (renspon elowance proves for tavoing (expend residence and pace of cy) ChBtvn Edenton Alowanes Flannel to mae Chen ae! Egon Alo Dianne wa ee ret Exemption alomed yp to 3 maxim of a 2 beneft Exemption is alloned up to = To Cor Now sel Set the | [Employee / Group {All tems, 527 Hype ot Allowance Howse Ren Allowance oo ae Employee Hame imployee Numer Fem ri PAN oF Residence Landocd 5) Chowdhary (soo ‘ : 17200] Won Mero lorwenvatue Sengwan 1720] IMewe loTweRvat.e} Rabat Rat 17200] Won Met Umed Singh lormenvatue| Q Income tax declaration for Transport Allowance for Conveyance Pay Head re TRS rm Employee / Group Fini Your 1p OMT 3ar2 Hype of Alowancs Emplayes Name Tffecive From | Employee Stas [Mano Choudhary3. Processing Employer PF Admin Expneses 4, Payment of Salary 5. Payment of PF Payment of ESI Payment of NPS Payment of Income Tax Payment of Professional TaxProcess for: Select User Defined From (blank for beginning): 1-7-2017, To (blank for end): 31-7-2017 Employee Category: Primary Cost Category ane All Items Payroll/Bank/Cash Ledger: Salary Payable = Enter the details in user defined Payheads as per given below: © Manoj Choudhary * Bonus : Enter 2,000 * Reimbursement : Enter 1,200 © Pooja Sangwan © Bonus : Enter 2,500 Reimbursement : Enter 1,000 © Rahul Rai * Bonus : Enter 1,500 * Reimbursement : Enter 1,000