A Payroll Journal Voucher (JV) is a special record in accounting that holds details about financial transactions for payroll. This includes employee salaries, conveyance, Provident Fund, charges paid to the statutory departments, and loans for a month. The payroll team of a company creates it to share the payroll information with the accounts team. The Payroll JV in greytHR consists of the following information:
Total salary cost to the company.
Amount to be paid to employees through the bank or any other means.
Deductions under various heads like PF, ESI, and Loans.
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