Key concepts
Two ideas explain almost everything in PF: the difference between a draft and a posted entry, and how balances are worked out.
Draft or posted
Section titled “Draft or posted”Every PF screen has two save buttons. Which one you click decides whether the entry counts yet.
SaveUnposted
- Can still be edited or deleted
Does not count in balancesNot in the accounts yet
Save & PostPosted
- Counts in balances
- Its voucher is posted in the accounts
- Unpost it first to make changes
Every PF transaction except the Opening Transaction creates its own accounting voucher automatically. The voucher is posted and unposted together with the transaction.
How balances are worked out
Section titled “How balances are worked out”Gross PF balance
=Contributions+Profit+Additions−Deductions−Withdrawals−Settlements
Outstanding loan
=Loans given−Loan repayments
Available balance
=Gross PF balance−Outstanding loan
- Only posted entries count in balances.
- Payroll counts once its voucher is published, on the voucher date.
- The outstanding loan can be negative when repayments are more than the loans given. A negative loan raises the available balance.
- A Settlement clears the loan. After it, only loans and repayments dated after the Settlement count towards the outstanding loan.
- Amounts in brackets, for example (1,000.00), are deductions or negative values.