Benevolent fund is there to support members and their families through period of hardship that can arise for reasons outside their control. Such as serious illness,family problems or prolonged period out of work.
Benevolent fund is there to help during those difficult circumstances. And factoHR application helps to manage funds collected for these purposes.
Multiple Scheme Configuration
You can configure multiple schemes available for different purpose like Medical Assistant scheme or death benefit scheme etc.
Scheme Wise Monthly Contribution
Member wise contribution for all scheme configured can be uploaded with having auto accounting JV.Contribution will be tracked against each employee and separate reconciliation report will be available with list of active members for whom contribution is not received.
In case of mediclaim, Index number as provided by Insurance company will be maintained by the system and all application for mediclaim will be captured memberwise with reference to Index number.
When amount is received of Insurance, Bank receipt entry will be passed and tracked against member application and index number of the member.
When amount is paid to member, bank payament entry will be passed and tracked against member application and index number of the member.
In case of death claim, 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.
Ease of accounting
Make your accounting experience easy by processing all types of transactions efficiently which will helps you to generate all accounting reports for finalization and to do audit in timely manner.
Facility to process various bank receipts and payment transactions wit minimum manual working.
Do bank reconciliation process on day to day basis to identify if any mistake done in book keeping.
Processing multiple interest bank transfer entries becomes easy with 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.
Ledger report generation as per your requirement is possible with this module.
Facility to generate all voucher based on voucher type, voucher no in bulk.
Availability of multi level trail balance any time for account finalization.
Makes you alert by generating revenue statement that provides details of profit or loss on real time basis.
Generate trust balance-sheet on real time basis as per your format.
Investment management becomes easy with the help factoHR benevolent fund management software.
Investment evaluation module helps you to analyse multiple securities before purchase. You can also process investment purchase transaction once security is purchased.
Mutual Fund / Equity Purchase
Process equity and mutual fund purchase transactions easily.
Generate Investment wise accrued interest report quickly for all type of investments along with option available to post accrued interest JV automatically.
Generate investment yield report just in a single click for your overall portfolio.
You can generate interest summary report that contains details like interest received date, amount, voucher no, coupon amount etc. Also you will get details if interest is not received or received more or less.
Avoid human errors occurred in excel working by using system generated investment amortization calculation in single click.
You will get details investment register which gives details of pattern wise opening investment, current year purchase, matured investment during the year and closing investments as on date.
Generate investment summary report in summary format to check overall investment holding.
Mutual Fund / Equity Management
Manage Mutual fund and equity investment effectively with the help of this module.
Mark to Market Facility
Take timely decisions by calculating mark to market profit or loss any time by capturing as on date NAV.
FAQs About Benevolent Fund
What do you mean by the benevolent fund?
The benevolent fund supports the employees and their families or dependents through the period of destitution that arises for reasons beyond their control, viz., terminal illness, sudden death, natural calamities, etc. due to which he or she is unable to attend the work for a prolonged period of time.
Like other retirement plans, this scheme takes contributions from both the employee and employer, which are stored as benevolent funds and are issued to the nominee/s in the time of need.
How does your software help in claim application and settlement?
With this system, you can save the mediclaim index numbers provided by the company and use them to access the details of individual employees. Besides that, you can track the insurance claims through these index numbers and trace the member’s bank receipt entries on receival of such payment. In case of death claims, this system helps you to track the payment to the nominees.
Will factoHR assist my accountants in processing and settling the benevolent trust?
Yes, factoHR’s benevolent trust fund software allows your organization to upload each member’s file into the system and generate a report for RTGS to the insurance agency. Such reports contain the index number, postal address, email ID, mobile number, and bank details of the employee.
Your accountants can capture and maintain the records for the amounts received from the insurance company for members’ applications.
Does your software allow me to invest in more than one scheme?
Yes, factoHR allows you, as an employer, to invest in multiple schemes. It also allows your organization to manage such multiple investments with the help of the investment management tool offered along with the benevolent trust solution.
You can schedule a demo at https://factohr.com/schedule-demo/
How frequently do I need to contribute to these schemes?
factoHR’s scheme allows monthly contribution.
To know more contact firstname.lastname@example.org
How does this software help in investment management?
With this solution from factoHR, you can manage the entire investment cycle – from purchasing the investment to its maturity. It assists you in comparing and analyzing the desired returns from such investments.