List of Modules Available on factoHR Retirement Benefit Platform
Actuary Valuation
With factoHR, you can get all the required data from the system for actuary valuation.
Membership Management
Using our comprehensive membership management, you can manage your member information and conduct transactions like transfer in/out, settlement application, etc.
Settlement Application/payment/covering Letter
Process settlement application and payment in bulk through file uploading and manually with various payment options and taxation effects. Also, generate post payment documents for employee communication.
Transfer-in Application/receipt/covering Letter
Helps you to track the status of the transfer-in application created, generate documents required to initiate transfer-in, and process the receipt entry once the amount is received.
Transfer-out Application/payment/covering Letter
Process transfer-out application and payment with an effective tracking mechanism. Also, generate post-payment documents too like covering letters, payment vouchers, etc.
Investment Management
Manage your trust’s investment with ease by managing all security types, investment evaluation, and mark to market valuation using factoHR investment management.
Investment Evaluation/purchase
Make a suitable selection of the investment based on your investment criteria, where you will be allowed to add as many securities as you want before purchasing and comparing the same. Also, pass investment purchase transaction once the 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 purchases.
Interest Accrued
Get investment-wise accrued interest details for all types of different investments just in one click, wherein you will also be able to pass year-end accrued interest JV automatically.
Investment Yield
You will get an auto-calculated interest yield for your investment corpus, based on which you can take decisions on the distribution of interest among members.
Interest Summary
You can generate an interest summary report that contains details like interest received to date, amount, voucher no, coupon amount, etc. Also, you will get details if interest is not received or received more or less.
Investment Amortization
No need to maintain the amortization calculation working manually. You can configure the amortization method you are following, and a report can be generated accordingly. Also, accounting JV will be created with a single click.
Investment Register
Script-wise register will be available for the ready reference that will give you details of the opening investment, current year purchase, current year maturity, amortization, and finally, the closing balance of investment pattern-wise.
Investment Summary
Compact format of investment register, i.e., Investment summary report, helps you check your pattern-wise total investment corpus as on date.
Mutual Fund/equity Management
Get rid of tedious work in excel for mutual fund management. You will be able to manage the 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 schemes. Based on that, you will be able to compute the mark to market gain or loss for your mutual fund investment.
Simplify Gratuity Funds Tracking with factoHR
Ease of Accounting
factoHR enables you to streamline your accounting, automate JV posting, up-to-date reporting, etc., so you can overcome accounting challenges.
Bank Receipt/payment
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.
Bank Reconciliation
Reconcile your bank on a day-to-day basis for effective fund management with the help of our bank reconciliation module.
Contra
Manage multiple inter-bank transfer entries.
Investment Yield
Auto-posting of various journal entries like monthly contribution, member interest posting, accrued interest, reversal of accrued interest, amortization, etc., will help in the improvement of working efficiency.
Ledger Report
You will be able to extract as well as print ledger reports with various options of report generation in PDF or excel format.
Voucher report
Generate/print all types of vouchers in bulk based on voucher date, voucher number, and transaction type wise.
Trial Balance
You can generate a multi-level trial balance as per your requirement ranging from 1st level to 4th level.
Revenue Account
Generate revenue account for finalization of accounts as well as for provisional financial statements at any time, having the effect of all transactions with accuracy and precision in your format.
Balance Sheet
Generate a balance sheet for accounts closing & audit in your format.
Cash Flow
Track your cash flows with the projection of income & expenditure for each month for advance planning of investment.
Security and Monitoring
factoHR gives you complete control over your gratuity fund related activities and provides robust security measures to keep your data secure.
Audit Trail
The audit trail is one of the important security features available in the system that will record the changes that have been made to a database. The audit trail is useful for verification for unauthorized changes, reconciliation, and historical data checking.
Role/rights
You can manage multiple users by defining different roles and what rights to be given to them for day-to-day activities based on their work profile.
Maker/checker and Approver Facility
You can set authorization levels for all types of transactions and master creation and assign maker, checker, and approver rights to the respective users to control user activities.
Month/year Locking Facility
You can lock a particular month or year once the audit is completed so that no changes can be done in the transactions already passed and checked. However, you will be able to generate required reports for various purposes.
Custom Formula for Gratuity Payment
Reduce the need of spreadsheets and perform gratuity calculations by setting up multiple custom formulas according to IT, Company, and Gratuity Act.
Get In-depth Features for Better Fund Monitoring
RTGS/NEFT Letter
RTGS/NEFT letter is the requested document required to be submitted to the bank for making online payments. You will be able to generate such letters for all types of online payments.
e-TDS Return
With the help of the e-TDS return feature, users can generate uploading files that can be directly used for FVU validation and submission.
User-defined Letter Generation
With the help of this functionality, the user can generate covering letters for various transactions like settlement, transfer-in, transfer-out, loan disbursement, and pension claim as per his requirement.
SMS/email Functionality
User-triggered as well as auto-triggered SMS/Email functionality is available for each and every member-related transaction.
Reminders
You will get different reminders for the information that is critical and important in nature, like reminders for Interest due, maturity due, pending applications, bank reconciliation, uninvested balance, etc.
Import Bulk Transactions
Import bulk transactions will allow you to process various transactions through file upload, which will reduce your time in transaction processing.
Extensive Features of Gratuity Management at Your Fingertips
Calculation Methods
You can choose between your company’s gratuity calculation or the government calculation method.
Add Components
It is easy to add dynamic components anytime to process gratuity as per your needs.
Check Calculation
You can view the component and formula-wise calculation of the gratuity.
Gratuity Taxability
Check whether the gratuity amount calculated is taxable or non-taxable.
Detailed Reports
Generate PDF reports to get detailed insights whenever you need.
Manage Multiple Retirement Benefits Solutions with factoHR at One Place
Leverage factoHR’s all-in-one employee benefits scheme management such as Provident Fund Software, Benevolent Fund Solution, and many more. Get various features to manage investments, fund calculation, accounting, etc., and reduce complex processes.
Streamline Gratuity Fund Management with factoHR Today
Reduce all the manual processing and complex gratuity calculations with factoHR’s Gratuity Fund Trust Software and leverage various exclusive features.
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