What is retropay? 

1. Processing Payroll to generate Paycheck and Pay Stubs

2. Generating Tax reports and vouchers using which Taxes are deposited to Govt (Employee Tax).

3. Processing reports that are handed over to Accounting Dept.

4. Ensuring that the Deductions, Benefits, Acruals, Taxes and Salaries are accurate (

5. Posting the Journals to Finance

6. Processing Govt Reports and submitted to Govt

7. Entering interims (may also be done by HR in some Companies)

7. Year End Process to generate W2s

Payroll reports gives information about the total 'cost to Company' for the Employee Salary, Benefits (Cash and Non-Cash), Taxes, Total Hours worked. 

All these information is helpful for the Management decisions.

Means whatever income any employee received from the organisation and on that tax to be deducted. (e.g. Gross salary, Overtime, Bonus, Incentives etc.)

1. Collection of attendance / collation of attendance

2. Scrutunizing the received attendance 

3. Calculating the salary as per the attendance, based on LOP received

4. Once the Payroll Processing is over, the gross salary should be checked with Master Data of salary.

5. Netpay has to request for bank transfers / cheque 

6. Need to take care of statutories like PF / ESI / PT / Income Tax

7. While processing salary, statutory deductions like PF / ESIC / PT and income tax calculations tobe taken care.

8. Arriving the salary structure for New Joiners

9. F&F tobe done for resigned employees

10. PF & ESI Nomination has to take care for the new joiners

11. PF Settlement / PF transfer has to take care for the resigned employees after 60days from the date of resignation.

Paycheck - this is the method by which the Employee is paid (A Bank Check/Cheque or Direct Deposit to Bank)

Payslip - Also called as Pay Stub is the paper which will typically detail the gross income and all taxes and any other deductions such as retirement plan contributions, insurances, garnishments, or charitable contributions taken out of the gross amount to arrive at the final net amount of the pay, also including the year to date totals in some circumstances.

It is Rs. 10,00,000 now.

Wage Revisions as per wage policy every finanical year means April of the every year will revised.

At the same time Basic is revised as per appointment order like we are given probation period to every employee after completion of the employee probation than basic also revised and depends upon Organisation Structure also.

Professional Tax

ESI

PF

Recoveries

Advances if any