Salary structure
This query is : Resolved
RAJESH NAIR
(Querist)
09 February 2012
Dear Sir,
Our company HR dpt has not worked any system of reimbursements like LTA or Medical Bills of staff in the salary structure of our staff.
On the contrary, the staff wants this system to be included.
For example, if the company wants to introduce reimbursments of LTA & MEDICAL BILLs of our staff in the Salary Structure, how to go about with it?
Suppose, in the exixiting framework, can we include LTA & MEDICALL REIMBURSMENT ALLOWANCE as a part of the SALARY which is presently is not split up?
The Company currently debits only gross salary without any split up of like BASIC,DA, HRA, LTA, MEDICALL REIBURSEMENT ALLOWANCE etc into the staff salary account.
Kindly advise on this matter with examples and also the accounting entries to be passed in our books.
Our company HR dpt has not worked any system of reimbursements like LTA or Medical Bills of staff in the salary structure of our staff.
On the contrary, the staff wants this system to be included.
For example, if the company wants to introduce reimbursments of LTA & MEDICAL BILLs of our staff in the Salary Structure, how to go about with it?
Suppose, in the exixiting framework, can we include LTA & MEDICALL REIMBURSMENT ALLOWANCE as a part of the SALARY which is presently is not split up?
The Company currently debits only gross salary without any split up of like BASIC,DA, HRA, LTA, MEDICALL REIBURSEMENT ALLOWANCE etc into the staff salary account.
Kindly advise on this matter with examples and also the accounting entries to be passed in our books.
kartik_somu
(Expert)
09 February 2012
yes. it is possible to do so.
break the CTC for the year under gross salary, medical,lta etc.
make provision for gross, medical and LTA on a monthly basis.
As and when medical and LTA are paid, debit payable and credit cash/bank.
break the CTC for the year under gross salary, medical,lta etc.
make provision for gross, medical and LTA on a monthly basis.
As and when medical and LTA are paid, debit payable and credit cash/bank.
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