You can configure multiple schemes available for different purpose like Medical Assistant scheme or death benefit scheme etc.
Member wise contributions for all schemes configured can be uploaded with having auto accounting JV. The contribution will be tracked against each employee and a separate reconciliation report will be available with a list of active members for whom contribution is not received.
The member-wise premium file can be uploaded by the user in the system. Based on this file, the system will create a report with the following details to be used for RTGS to the insurance agency (index no /postal address/email ID/mobile no/ Bank account details like account no, bank name, IFSC code, branch code).
Also, you can capture and maintain records for the amount received from insurance companies for medi-claim applications received from members.
In the case of medi-claim, the index number as provided by the insurance company will be maintained by the system and all applications for medi-claim will be captured memberwise with reference to the index number.
When the amount is received from insurance, the bank receipt entry will be passed and tracked against the member application and index number of the member.
When the amount is paid to the member, a bank payment entry will be passed and tracked against the member application and the index number of the member.
In case of a death claim, the application will be created by the user in the system and further receipt from LIC and payment to nominees will be tracked against the application.
Make your accounting experience easy by processing all types of transactions efficiently which will help you to generate all accounting reports for finalization and to do audits in a timely manner.
Facility to process various bank receipts and payment transactions with minimum manual working.
Do a bank reconciliation process on a day to day basis to identify any mistake done in bookkeeping.
Processing multiple interest bank transfer entries becomes easy with the contra entry option.
Process various journal entries with this module. Also get details of various auto entries passed like for monthly contribution, accrued interest, amortization, etc.
Generate the ledger and voucher reports (individually or in bulk) in formats that are suitable for the organization and bifurcate the same on the basis of ledger/voucher number, type, etc.
Generate a trust balance sheet on a real-time basis as per your format.
Makes you alert by generating a revenue statement that provides details of profit or loss on a real-time basis.
Investment management becomes easy with the help of factoHR benevolent fund management software.
Make a suitable selection of the investment based on your investment criteria by using our Investment Evaluation module.
Enable separate processing of the mutual funds and equity purchases to cope with their different nature.
Analyze the details of every investment’s accrued interest with just one click whenever you want.
Receive information about automatically computed interest yield on every investment to assist you in decision-making.
Receive details of total interest received from every investment category in the interest summary report.
Keep an eye on the profits/losses on the organization’s mutual funds and equity investments as per the NAV dates.