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.
Below are the detailed functionalities available in Benevolent trust application:
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
Complete your audit before time in a hassle-free manner to pass all types of accounting entries based on which you will be able to generate reports for Ledger, Voucher, Trail balance, Revenue account, and balance sheet for accounts finalization.
You will be able to pass all types of bank receipts and payment transactions available for all payment and receipt modes with minimum manual working.
Reconcile your bank on day to day basis for effective fund management with the help of our bank reconciliation module.
Manage multiple inter bank transfer entries.
Auto posting of various journal entries like monthly contribution, member interest posting, accrued interest, reversal of accrued interest, amortization etc will helps in improvement of working efficiency.
You will be able to extract as well as print ledger report with various options of report generation in PDF or Excel format.
Generate/print all types of voucher in bulk based on voucher date, voucher no and transaction type wise.
You can generate multi level trail balance as per your requirement ranging from 1st level to 4th level.
Generate revenue account for finalization of accounts as well as for provisional financial statement any time having effect of all transactions with accuracy and precision in your format.
Generate Balance sheet for accounts closing & Audit in your format.
factoHR application will help you to Manage Investment effectively and increase yield of your fund if investment if managed in house
Make suitable selection of the investment based on your investment criteria by using our Investment Evaluation module where you will be allowed to add as many securities as you want before purchase and can compare the same to get idea which security is to be purchased. Also pass investment purchase transaction once selection is done and investment made with having both accounting as well as security wise effect.
Mutual fund/equity purchase
You will be able to process Mutual fund and equity purchase related transactions separately as having different nature as compared to fixed return investment purchase.
Get investment wise accrued interest details for all type of different investments just in one click where in you will also be able to pass year end accrued interest JV automatically.
You will get auto calculated interest yield for your investment corpus based on which you can take decision on distribution of interest among members.
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.
No need to maintain Amortization calculation working manually. You can configure amortization method you are following and report can be generated accordingly. Also accounting JV will be created in single click.
Script wise register will be available for your ready reference that will give you details of opening investment, current year purchase, Current year maturity, amortization done and finally the closing balance of investment pattern wise.
Compact format of investment register i.e Investment summary report helps you to check your pattern wise total investment corpus as on date.
Mutual Fund/Equity Management
Get rid from tedious working in excel for mutual fund management. You will be able to manage mutual fund and equity investments by using our software efficiently and effectively. Create, purchase, sale and book profit on redemption of units with lesser manual working.
Mark to market facility
You can capture as on date NAV for available mutual fund scheme and based on that you will be able to compute mark to market gain or loss for your mutual fund investment.