Provident Fund and Gratuity Software in Bangladesh

EMPRESS HR includes provident fund and gratuity fund management for trustee funds in Bangladesh. It keeps the members, contributions, loans, investments and accounts of the fund, and it takes the monthly contribution straight from payroll. It is made in Dhaka by Azolution Software & Engineers Ltd.

What the fund module covers

• Members. Member enrolment and opening balances.
• Contributions. Monthly contribution posting, the employee's own and the company's.
• Loans. Loans against the fund, recovery, reclassification, loan statements and amortisation schedules.
• Leavers. A statement of retired, resigned or dismissed members, the lapse and forfeiture statement, and the final settlement statement and payment.
• Investments. Investment in FDRs and Sanchaypatra, and profit distribution to members.
• Accounts. Chart of accounts and vouchers, bank reconciliation, general ledger, trial balance, income and expenditure, and balance sheet.

Connected to payroll

The fund is not a separate spreadsheet. Payroll posts each month's contribution, recovers loan instalments from salary and keeps a salary and provident fund ledger. When an employee leaves, the final settlement brings the fund statement together with salary and leave encashment. Read more about payroll software.

Loans and advances

Employees apply for a loan or an advance themselves. The request is assessed against the amount, the salary and the fund balance. HR can make a counter proposal with a different amount, interest rate or instalment, then approve it with a loan schedule, disburse it, and settle or reschedule it later.

What members see

Employees open their provident fund documents in the Empress ESS app on Android and iOS, next to their payslips and income tax documents.

Questions about the fund module

Is the fund kept apart from the company's payroll?

Yes. The fund has its own chart of accounts, vouchers, ledgers and balance sheet. Payroll only posts contributions and recoveries to it.

Can it handle both provident fund and gratuity fund?

Yes. Provident Fund Management and Gratuity Fund Management are two modules of EMPRESS HR.

How is profit shared among members?

The profit distribution process shares the fund's investment income among members under the rules you set.

What reports do trustees and auditors get?

Member statements, loan statements, the lapse and forfeiture statement, bank reconciliation, general ledger, trial balance, income and expenditure, and balance sheet.

Which edition includes the fund modules?

Provident fund and gratuity fund management are part of the Enterprise edition. See the editions.

See it with your own fund rules

Ask for a demo or call +88 01575 606 426.