Creating Loans and Advances Pay Head in Tally.ERP 9
To create the Salary Advance Deduction Pay Head to deduct the Loans given to Employees,
Go toGateway of Tally > Payroll Info. > Pay Heads > Create
Enter Pay Head name in theNamefield
SelectLoans and Advancesas thePay Head Typefrom the list ofPay Head Type
SelectLoans and Advances (Assets)from theList of Groupsin theUnderfield
By default,Affect Net Salaryis set toYes. TypeNo, if you do not want this component to be included in the Pay Slip
By default, the Pay Head component name entered in theNamefield will appear in the Pay Slip, if you want to change the default Pay Head component name then alter it inName to appear in Payslipfield
In theCalculation Typefield selectAs User Defined Valuefrom theList of Calculation
Note:In case if the interest is also recovered from the Employee’s salary for the Loan/Advance given, Interest calculation feature can be used to calculate the EMI for each month and the same can be recovered by selecting theCalculation TypeasFlat Rate.
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