Skip to content
TrueFin DocsTrueFin DocsTrueFin Docs

Provident Fund

Record each employee’s Provident Fund (PF) from the first opening balance to the final settlement, and review it at any time in the PF Register.

Where PF balances come from

Section titled “Where PF balances come from”

Each employee’s PF is built from two places. You only enter the second.

PayrollAutomatic
  • Monthly employee and employer contributions
  • Loan repayments
  • Appears once the Payroll voucher is published
PF transactionsYou enter
  • Opening Transaction
  • Loans, withdrawals, additions and deductions
  • Profit Allocation and Settlement

The PF lifecycle

Section titled “The PF lifecycle”
  1. SetupPF salary structures, configured once by an administrator
  2. Opening TransactionStarting balances, posted once
  3. Monthly PayrollContributions and loan repayments, automatic
  4. PF transactionsLoans, withdrawals, additions and deductions
  5. Profit AllocationShared across employees, usually yearly
  6. SettlementFinal payout when an employee leaves

What do you want to do?

Section titled “What do you want to do?”
Enter opening balancesStart PF with each employee's balances on day one.
Give a loan or withdrawalPay out from an employee's PF, or correct it.
Allocate profitShare the fund's profit in proportion to balances.
Settle a leaving employeeRecover the loan and pay out the rest.