QUALIFICATIONS PACK - OCCUPATIONAL STANDARDS FOR BANKING, FINANCIAL SERVICES AND INSURANCE (BFSI) INDUSTRY

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1 QUALIFICATIONS PACK - OCCUPATIONAL STANDARDS FOR BANKING, FINANCIAL SERVICES AND INSURANCE (BFSI) INDUSTRY What are Occupational Standards(OS)? Contents 1. Introduction and Contacts.. P.1 2. Qualifications Pack....P.2 3. OS Units.. P.2 4. Glossary of Key Terms..P.3 OS describe what individuals need to do, know and understand in order to carry out a particular job role or function OS are performance standards that individuals must achieve when carrying out functions in the workplace, together with specifications of the underpinning knowledge and understanding Contact Us: smita.agarwal@bfsissc. com Qualifications Pack - Accounts Executive (Payroll) SECTOR: BANKING, INFORMATION FINANCIAL TECHNOLOGY- SERVICES AND INFORMATION INSURANCE TECHNOLOGY (BFSI) ENABLED SERVICES (IT-ITES)ces Helpdesk Attendant SUB-SECTOR: BANKING OCCUPATION: FINANCIAL SERVICES REFERENCE ID: BSC / Q 1201 ALIGNED TO: NCO-2004/NIL Brief Job Description: Accounts Executive (Payroll) is a person appointed by any company, who is responsible for maintaining and updating records relating to the amount of salaries payable to employees. Introduction Personal Attributes: The individual is required to have excellent understanding of accounting processes that relates to calculation of salaries payable to employees. Excellent co-ordination with Human Resource Department is mandatory for performing the job in an efficient and effective manner. In addition to having problem solving skills, the individual must be self driven and organized with his work and act with integrity when performing multiple tasks for the organization. 1

2 Job Details Qualifications Pack for Accounts Executive (Payroll) Qualifications Pack Code BSC / Q 1201 Job Role Accounts Executive (Payroll) Credits(NSQF) TBD Version number 1.0 Sector Banking, Financial Services and Insurance (BFSI) Drafted on 04/07/2014 Sub-sector Finance Last reviewed on 26/11/2014 Occupation Financial Services Next review date 25/11/2016 Job Role Accounts Executive (Payroll) Role Description NSQF level Minimum Educational Qualifications* Maximum Educational Qualifications* Training (Suggested but not mandatory) Experience Applicable National Occupational Standards (NOS) Performance Criteria Accounts Exec. (Payroll) is a person responsible for calculation of gross and net salary payable to employees. Hands-on knowledge of statutory deductions from salaries and other allowances, Income tax TDS and other adjustments to salaries are of prime importance. He needs to make systematic and timely recording of data related to loans and advances paid to/ recovered from employees 4 Graduation in Commerce/allied subjects or Diploma in commercial Practice Post Graduate Training offered by respective financial institutions Experience preferred but not mandatory Compulsory: Accounts Executive (Payroll): 1. BSC / N 1201 (Understanding the various concepts to perform the Payroll function) 2. BSC / N 1202 (Understanding in detail the documents relating to the job role) 3. BSC / N 1203 (Preparation of Salary advice) 4. BSC / N 1204 (Preparation of statutory advice) 5. BSC / N 1205 (Preparation of salary journal) 6. BSC / N 1206 (Performing the accounting entry) 7. BSC / N 1207 (Filing and record keeping) Optional N.A. As described in the relevant OS units 2

3 Qualifications Pack for Accounts Executive (Payroll) Keywords /Terms Sector Description Sector is a conglomeration of different business operations having similar businesses and interests. It may also be defined as a distinct subset of the economy whose components 3

4 Definitions Sub-sector Occupation Function Job Role OS Performance Criteria NOS Qualifications Pack Code Qualifications Pack Unit Code Unit Title Description Knowledge and Understanding Organizational Context Technical Knowledge Core Skills or Generic Skills Qualifications Pack for Accounts Executive (Payroll) share similar characteristics and interests. Sub-sector is derived from a further breakdown based on the characteristics and interests of its components. Occupation is a set of job roles, which perform similar/related set of functions in an industry. Function is an activity necessary for achieving the key purpose of the sector, occupation, or area of work, which can be carried out by a person or a group of persons. Functions are identified through functional analysis and form the basis of OS. Job role defines a unique set of functions that together form a unique employment opportunity in an organization. OS specify the standards of performance an individual must achieve when carrying out a function in the workplace, together with the knowledge and understanding they need to meet that standard consistently. Occupational Standards are applicable both in the Indian and global contexts. Performance Criteria are statements that together specify the standard of performance required when carrying out a task. NOS are Occupational Standards which apply uniquely in the Indian context. Qualifications Pack Code is a unique reference code that identifies a qualifications pack. Qualifications Pack comprises the set of OS, together with the educational, training and other criteria required to perform a job role. A Qualifications Pack is assigned a unique qualification pack code. Unit Code is a unique identifier for an Occupational Standard, which is denoted by an N. Unit Title gives a clear overall statement about what the incumbent should be able to do. Description gives a short summary of the unit content. This would be helpful to anyone searching on a database to verify that this is the appropriate OS they are looking for. Knowledge and Understanding are statements which together specify the technical, generic, professional and organizational specific knowledge that an individual needs in order to perform to the required standard. Organizational Context includes the way the organization is structured and how it operates, including the extent of operative knowledge managers have of their relevant areas of responsibility. Technical Knowledge is the specific knowledge needed to accomplish specific designated responsibilities. Core Skills or Generic Skills are a group of skills that are key to learning and working in today's world. These skills are typically needed in any work environment. In the context of the OS, these include communication related skills that are applicable to most job roles. 4

5 BSC / Q 1201 Understanding the various concepts to perform the Payroll function National Occupational Standard Overview Understanding the various concepts to perform the Payroll function 5

6 National Occupational Standard BSC / N 1201 Understanding the various concepts to perform the Payroll function Unit Code BSC / Q 1201 Unit Title (Task) Description Scope Understanding the various concepts to perform the Payroll function This OS unit is about Understanding the various concepts to perform the Payroll function. The task needs the person in this job role to understand the components of salary, maintain employee related details pertaining to advances paid and recovered, seek and receive Income Tax declarations from employees, understand details about deductions relating to statutory deductions such as Provident Fund, ESI, Professional Tax etc. Performance Criteria (PC) w.r.t. the Scope Element Performance Criteria Understanding the components of Salary PC1. Understand in detail the various components forming part of salary payable to employees. PC2. Have detail knowledge of the components of fixed pay such as Basic, H.R.A, any special allowance etc. PC3. Understand the components of variable portion of salary such as Incentive, commission, overtime which varies month on month. Maintaining records of employees joined during the current year Maintaining records of resignations during the current year PC4. Maintain and update records of date of joining of new employees. PC5. Seek from relevant authority the employee number issued to such person and maintain the records of the same. PC6. Update the designation changes of the employee into the database. PC7. Record the data as to which department/team and role, the new employee has been assigned. PC8. Record the verified and attested Date of Birth of the new employee into various/required documents. PC9. Record and update the salary components and other details of the employee PC10. Record and update the date of resignation of the employee. PC11. Mark the employee number of such person to mean resigned. PC12. Understand in detail the Salary calculation that forms part of full and final settlement. Maintain and update records of date of joining of new employees. 6

7 BSC / N 1201 Understanding the various concepts to perform the Payroll function Preparing and maintaining PC13. Update leave details of employees into the database. attendance records of employees PC14. Record the leave without pay details of employees. PC15. Record the overtime details of employees (when applicable). Seek and receive Income Tax declarations from employees Understanding the details regarding PF deductions Understanding the details regarding ESI deductions PC16. Have authority to obtain rent declaration from the employees in time. PC17. Have authorization to receive savings declaration from the employees. PC18. Obtain investment declaration from employees. PC19. Seek and receive declarations regarding housing loan/allied douments. PC20. Record leave travel documents/declarations from the employees into the database. PC21. Obtain previous employment details if required/applicable PC22. Thoroughly understand the concepts and terms regarding PF deduction procedures. PC23. Calculate the amount of PF to be deducted individually from employees salaries. PC24. Calculate the amount of PF deducted totally that needs to be submitted to the government account. PC25. Have thorough understanding of government websites through which payment is to be made. PC26. Have understanding of the organization s contribution to PF accounts. PC27. Thoroughly understand the concepts and terms regarding ESI deduction procedures. PC28. Understand the applicability of ESI provisions to employees with salary as limited by present rules. PC29. Calculate the amount of ESI to be deducted individually from employees salaries. PC30. Calculate the amount of ESI deducted totally that needs to be submitted to the government account. PC31. Have thorough understanding of government websites through which payment is to be made. PC32. Have understanding of the organization s contribution to ESI accounts Knowledge and Understanding (K) 7

8 BSC / N 1201 Understanding the various concepts to perform the Payroll function A. Organizational The user/individual on the job needs to know and understand: Context KA1. The products/services the company deals in. (Knowledge of the KA2. Different accounting system/procedure/processes that are followed by the company / company. organization and KA3. Organizational guidelines for dealing with different types of receipts and its processes) payments. KA4. Company s policies regarding the employee compensation.. KA5. Processes and methods of payments of compensation and recovery of loan/advances to employees. B. Technical Knowledge Skills (S) A. Core Skills/ Generic Skills The user/individual on the job needs to know and understand: KB1. Thorough knowledge of Accounting Principles. KB2. Basic accounting concepts and techniques for recording transactions. KB3. Working knowledge regarding due dates for payments to the Government and filing of returns with the concerned authorities. KB4. Working knowledge of financial concepts such as calculation of interest amount, VAT, Service Tax etc. and knowledge of tax laws and tariffs relevant to the business. KB5. Have transaction processing knowledge. KB6. Clear understanding about concepts relating to calculation of salary. KB7. Procedures to record the details of work hours of employees. KB8. The differentiation between payments and reimbursement concepts. KB9. Procedures for digitally updating employee details. KB10. IT skills and operating procedures of computers and other electronic devices. KB11. Preparation of statements/charts or any other report as is required / designed by the organization. KB12. Use of computers and have working knowledge of MS Excel, MS Word etc. Writing Skills The user/ individual on the job needs to know and understand how to: SA1. Prepare reports and summary of the receipts/payments for review. SA2. Prepare reports on status of other receipts accounts. SA3. Communicate and share knowledge with peers and supervisors. Reading Skills SA4. Read and understand organizational and regulatory guidelines. SA5. Read and verify legitimacy of documents submitted by concerned person. SA6. Read and explain terms to the other party. Integrity SA7. Maintain integrity with respect to sensitive documents SA8. Act objectively and in the best interests of customers Mathematical Skills 8

9 BSC / N 1201 Understanding the various concepts to perform the Payroll function SA9. Compute numbers quickly and accurately. SA10. Perform basic mathematical operations such as addition, subtraction, multiplication and division SA11. Calculate accurately any tax to be charged, discount allowed etc., w.r.t. the customer s account as per the company policy Oral Communication (Listening and Speaking skills) B. Professional Skills Decision Making SA1. Listen to the customers and be able to offer products that are pertinent to their requirements. SA2. Communicate clearly with the customer using language that he/she understands. SA3. Communicate and share knowledge with peers and supervisors. SB1. Differentiate between the critical documents and its relevance in accounting. SB2. Make clear, logical decisions regarding the upkeep of documents. Plan and Organize SB3. Plan the work/tasks at hand. SB4. Organize work & time in order to maximize productivity.. Problem Solving SB5. Address problems arising either due to a technical issue, customer grievance or administration related issues and escalate those issues beyond one s role. Motivation and Critical Thinking SB6. Be self driven, take initiatives and deliver results set by the organization and respective seniors SB7. Consistently obtain feedback and improve their performance. SB8. Exercise judgment in unforeseen situations which preserve company values and are in line with organizational guidelines. Attention to detail SB9. Check whether the work is complete and free from errors. SB10. Get the work checked by others. Team work SB11. Contribute to the quality of team working. SB12. Work effectively in a team environment. C. Technical Skills Technical Skills 9

10 BSC / N 1201 Understanding the various concepts to perform the Payroll function SC1. Use information technology effectively to input and/or extract data accurately. SC2. Identify and refer anomalies in the data. SC3. Store and retrieve information. SC4. Keep updated with changes, procedures and practices in the role. SC5. Use software packages and tools specific to the field of expertise. 10

11 BSC / N 1201 Understanding the various concepts to perform the Payroll function NOS Version Control: NOS Code BSC / N 1201 Credits(NSQF) TBD Version number 1.0 Sector BFSI Drafted on 04/07/2014 Sub-sector Finance Last reviewed on 26/11/2014 Occupation Financial Services Next review date 25/11/

12 BSC / Q 1202 Understanding in detail the documents relating to the job role National Occupational Standard Overview Understanding in detail the documents relating to the job role 12

13 National Occupational Standard BSC / N 1202 Understanding in detail the documents relating to the job role Unit Code BSC / N 1202 Unit Title (Task) Description Scope Performance Criteria (PC) w.r.t. the Scope Element Understanding in detail the documents relating to the job role This OS unit is about Understanding in detail the documents relating to the job role The task needs the person in this job role to have access to and verify documents related to employee salary details, apply knowledge about the deductions relating to PF, ESI etc. and maintain records of the same for future audit and reference. Performance Criteria Understanding and recording the employee details PC1. Record and maintain the correct name of the employee as per validated proof. PC2. Record and update the designation of the employee. PC3. PC4. PC5. Record and maintain the date of Joining of the employee. Understand and record the date of any promotion and/or change in job role. Have access to the leave details of the employee for salary calculation process Having in-depth knowledge of salary details PC6. Understand thoroughly different components of salary. PC7. Understand and differentiate between fixed and variable portions of salaries. PC8. PC9. Understand the constituents of fixed salary. Have detailed understanding about the company policies regarding variable pay. Having in-depth knowledge about salary deductions PC10. Understand the concept of deductions. PC11. Understand in detail the various forms of deductions from salary. PC12. Understand the company policy regarding the deduction relating to advances and loans. PC13. Have thorough understanding about the income tax laws and deductions from salary. PC14. Have access to the leave details of employees and its effects/deductions from salary as per the company policy. Have access to relevant documents PC15. Have access to obtain/receive relevant documents as is required for performing the role. 13

14 BSC / N 1202 Understanding in detail the documents relating to the job role PC16. Understand the relevance of these documents. PC17. Thoroughly understand the contents of these documents. PC18. Gather additional documents pertaining to any special requirement. PC19. Check for authenticity of the documents and report to the concerned authority regarding any deviation. PC20. Have clear demarcation regarding the documents that relates to the time period for which calculation of salary is being undertaken. Have access to reference documents PC21. Have access to obtain/receive relevant reference documents as is required for performing the role. PC22. Understand the company policy/process manual regarding the payroll process. PC23. Refer any already designed format and/or salary calculation guide in case of clarifications. PC24. Obtain clear data relating to the deductions to be made from salary of respective employees. Filing and maintaining records PC25. Understand the relevance of the main/supported documents. Knowledge and Understanding (K) A. Organizational Context (Knowledge of the company / organization and its processes) PC26. Prioritize according to the importance of the documents and maintain the same order. PC27. File the documents in chronological order to enable seamless retrieval of the same in case of any requirement in the future. PC28. Produce such document as is needed at the time for clarifications. PC29. Segregate the data as required in the current financial year. The user/individual on the job needs to know and understand: KA1. The products/services the company deals in. KA2. Different accounting system/procedure/processes that are followed by the company. KA3. Organizational guidelines for dealing with different types of receipts and payments. KA4. Company s policies regarding the employee compensation. KA5. Processes and methods of payments of compensation and recovery of loan/advances to employees. B. Technical Knowledge The user/individual on the job needs to know and understand: KA6. Thorough knowledge of Accounting Principles. KA7. Basic accounting concepts and techniques for recording transactions. KA8. Working knowledge regarding due dates for payments to the Government and filing of returns with the concerned authorities. 14

15 BSC / N 1202 Skills (S) A. Core Skills/ Generic Skills Understanding in detail the documents relating to the job role KA9. Working knowledge of financial concepts such as calculation of interest amount, VAT, Service Tax etc. and knowledge of tax laws and tariffs relevant to the business. KA10. Have transaction processing knowledge. KA11. Clear understanding about concepts relating to calculation of salary. KA12. Procedures to record the details of work hours of employees. KA13. The differentiation between payments and reimbursement concepts. KA14. Procedures for digitally updating employee details. KA15. IT skills and operating procedures of computers and other electronic devices. KA16. Preparation of statements/charts or any other report as is required/designed by the organization. KA17. Use of computers and have working knowledge of MS Excel, MS Word etc. Writing Skills The user/ individual on the job needs to know and understand how to: SA1. Prepare reports and summary of the receipts for review. SA2. Prepare reports on status of other receipts accounts. SA3. Communicate and share knowledge with peers and supervisors. Reading Skills SA4. Read and understand organizational and regulatory guidelines SA5. Read and verify legitimacy of documents submitted by the concerned person SA6. Read and explain terms of receipts to the other party. Integrity SA7. Maintain integrity with respect to sensitive documents. SA8. Act objectively and in the best interests of the company. Mathematical Skills SA9. Compute numbers quickly and accurately. SA10. Perform basic mathematical operations such as addition, subtraction, multiplication and division. SA11. Calculate accurately any tax to be charged, discount allowed etc., w.r.t. the customer s account as per the company policy. B. Professional Skills Decision Making SB1. Differentiate between the critical documents and its relevance in accounting. SB2. Make clear, logical decisions regarding the upkeep of documents. Plan and Organize SB3. Plan the work/tasks at hand. SB4. Organize work & time in order to maximize productivity. Problem Solving SB5. Address problems arising either due to a technical issue, customer grievance or administration related issues and escalate those issues beyond one s role. 15

16 BSC / N 1202 Understanding in detail the documents relating to the job role Motivation and Critical Thinking SB6. Be self driven, take initiatives and deliver results set by the organization and respective superiors SB7. Consistently obtain feedback and improve their performance SB8. Exercise judgment in unforeseen situations which preserve company values and are in line with organizational guidelines. Attention to detail SB9. Check whether the work is complete and free from errors. SB10. Get the work checked by others Team work SB11. Contribute to the quality of team working. SB12. Work effectively in a team environment C. Technical Skills Technical Skills SC1. Use information technology effectively to input and/or extract data accurately. SC2. Identify and refer anomalies in the data. SC3. Store and retrieve information. SC4. Keep updated with changes, procedures and practices in the role. SC5. Use software packages and tools specific to the field of expertise. 16

17 BSC / N 1202 Understanding in detail the documents relating to the job role NOS Version Control: NOS Code BSC / N 1202 Credits(NSQF) TBD Version number 1.0 Sector BFSI Drafted on 04/07/2014 Sub-sector Finance Last reviewed on 26/11/2014 Occupation Financial Inclusion Services Next review date 25/11/

18 BSC / Q 1203 Preparation of salary advice National Occupational Standard Overview Preparation of salary advice 18

19 National Occupational Standard BSC / N 1203 Preparation of salary advice Unit Code BSC / N 1203 Unit Title (Task) Description Scope Preparation of salary advice This OS unit is about Preparation of salary advice. The task needs the person in this job role to record and maintain details of employees such as their salary, leave, deductions and adjustments, and with the help of these accumulated data, prepare worksheet to derive the net salary payable to employees. Performance Criteria (PC) w.r.t. the Scope Element Performance Criteria Obtaining and Understanding the salary register PC1. Have access to/obtain salary register or by any other term referred or any other document that contains the Employee details. PC2. PC3. Seek and receive login-id to access employee details when stored in electronic mode. Understand the contents and methods of recording data onto it Verifying the employee details PC4. Check and verify individual data for each employee. PC5. PC6. PC7. Verify whether employee name corresponds to employee code. Verify the updated job role, designation appears alongside the employee details. Co-relate the Date of Joining/leaving of the employee with the available documents Recording the earning/salary details PC8. Understand the components of salary. PC9. Record the fixed amounts as earned by the employee on monthly basis. PC10. Record the variable amounts as earned by the employee on monthly basis. Making adjustments regarding deductions PC11. Understand the concept of deductions. PC12. Have access to obtain all documents in original form as required for calculation of specific deduction. PC13. Calculate the various deductions from salary such as HRA, TDS, ESI, PF etc. as applicable to each employee. PC14. Record the amount of deductions as against the earning details of each 19

20 BSC / N 1203 Preparation of salary advice employee. PC15. Refer the company policy regarding any other form of deductions (statutory or otherwise). Preparation of Net salary statement PC16. Have access to the salary statement format as designed in the organization. Knowledge and Understanding (K) A. Organizational Context (Knowledge of the company / organization and its processes) B. Technical Knowledge Skills (S) A. Core Skills/ Writing Skills PC17. Seek and receive any log-in ID required to record data in electronic mode. PC18. Understand the contents of such statement. PC19. Collect and compile data as required to prepare the statement. PC20. Fill-in the net salary statement. PC21. Prepare salary advice detailing the net salary payable to each employee. PC22. Present the salary advice for approval from Senior/Manager. The user/individual on the job needs to know and understand: KA1. The products/services the company deals in. KA2. Different accounting system/procedure/processes that are followed by the company. KA3. Organizational guidelines for dealing with different types of receipts and payments. KA4. Company s policies regarding the employee compensation. KA5. Processes and methods of payments of compensation and recovery of loan/advances to employees The user/individual on the job needs to know and understand: KB1. Thorough knowledge of Accounting Principles. KB2. Basic accounting concepts and techniques for recording transactions. KB3. Working knowledge regarding due dates for payments to the Government and filing of returns with the concerned authorities. KB4. Working knowledge of financial concepts such as calculation of interest amount, VAT, Service Tax etc. and knowledge of tax laws and tariffs relevant to the business. KB5. Have transaction processing knowledge. KB6. Clear understanding about concepts relating to calculation of salary. KB7. Procedures to record the details of work hours of employees. KB8. The differentiation between payments and reimbursement concepts. KB9. Procedures for digitally updating employee details. KB10. IT skills and operating procedures of computers and other electronic devices. KB11. Preparation of statements/charts or any other report as is required/designed by the organization. KB12. Use of computers and have working knowledge of MS Excel, MS Word etc 20

21 BSC / N 1203 Generic Skills Preparation of salary advice The user/ individual on the job needs to know and understand how to: SA1. Prepare reports and summary of the collections for review. SA2. Prepare reports on status of overdue customers accounts. SA3. Communicate and share knowledge with peers and supervisors. Reading Skills SA4. Read and understand organizational and regulatory guidelines. SA5. Read and verify legitimacy of documents submitted by customers. SA6. Read and explain terms of collections to customers Integrity SA7. Maintain integrity with respect to sensitive documents. SA8. Act objectively and in the best interests of the company. Mathematical Skills SA9. Compute numbers quickly and accurately. SA10. Perform basic mathematical operations such as addition, subtraction, multiplication and division. SA11. Calculate accurately any tax to be charged, discount allowed etc., w.r.t. the customer s account as per the company policy. B. Professional Skills Decision Making SB1. Differentiate between the critical documents and its relevance in accounting. SB2. Make clear, logical decisions regarding the upkeep of documents. Plan and Organize SB3. Plan the work/tasks at hand. SB4. Organize work & time in order to maximize productivity. SB5. Liaison with customers. Problem Solving SB6. Address problems arising either due to a technical issue, customer grievance or administration related issues and escalate those issues beyond one s role Motivation SB7. Be self driven, take initiatives and deliver results set by the organization and respective seniors. Critical Thinking SB8. Consistently obtain feedback and improve their performance SB9. Exercise judgment in unforeseen situations which preserve company values and are in line with organizational guidelines Attention to detail SB10. Check whether the work is complete and free from errors. 21

22 BSC / N 1203 Preparation of salary advice SB11. Get the work checked by others Team Work SB12. Contribute to the quality of team working. SB13. Work effectively in a team environment. C. Technical Skills Technical Skills SC1. Use information technology effectively to input and/or extract data accurately. SC2. Identify and refer anomalies in the data. SC3. Store and retrieve information. SC4. Keep updated with changes, procedures and practices in the role. SC5. Use software packages and tools specific to the field of expertise 22

23 BSC / N 1203 Preparation of salary advice NOS Version Control NOS Code BSC / N 1203 Credits(NSQF) TBD Version number 1.0 Sector BFSI Drafted on 04/07/2014 Sub-sector Financial Last reviewed on 26/11/2014 Occupation Financial Inclusion Services Next review date 25/11/

24 BSC / Q 1204 Preparation of statutory advice National Occupational Standard Overview Preparation of statutory advice 24

25 National Occupational Standard BSC / N 1204 Preparation of statutory advice Unit Code BSC / N 1204 Unit Title (Task) Description Scope Preparation of statutory advice This OS unit is about Preparation of statutory advice The task needs the person in this job role to understand statutory deductions as applicable to the organization and prepare advice statements relating to Income Tax, Professional Tax (PT) deduction, Provident Fund (PF) deduction and Employee State Insurance (ESI) deduction. The person then calculates the gross total of all these deductions and arrive at a single amount as is payable by the organization to the employees as monthly compensation. Performance Criteria (PC) w.r.t. the Scope Element Performance Criteria Understanding statutory deductions as applicable to the organization PC1. Have thorough understanding of the statutory deductions as carried out in the organization. PC2. Have updated information on all the changes in applicable laws. PC3. PC4. PC5. PC6. Have knowledge on the statutory due dates for submitting various payments into the government account. Prepare statutory advice statements detailing the type and amount of statutory deductions to be made during the month for each employee. Seek and receive login ID to access such data when stored in electronic mode. Update and maintain such data in orderly manner for easy retrieval at a future date for audit/reference purposes Preparation of advice statement relating to Income Tax PC7. Have access to/obtain pre-designed statement advice relating to Income Tax deductions. PC8. PC9. Prepare such statement where no such pre-designed statement exists. Seek and receive login ID to fill and update data into such statement when stored in electronic form. PC10. Read and understand thoroughly the contents of such statement. PC11. Collect and compile data as required to prepare the statement. PC12. Fill-in data such as gross salary, net salary, and Income Tax deduction at source (TDS) for each employee. PC13. Prepare summary of such statement highlighting the total amount of TDS deduction made during the month. 25

26 BSC / N 1204 Preparation of statutory advice PC14. Make a note into such statement, details regarding the due date for depositing such TDS amount to the Government account. PC15. Present such advice statement to Senior/Manager for approval. Preparation of advice statement relating to Professional Tax Deduction PC16. Have access to/obtain pre-designed statement advice relating to Professional Tax deductions. PC17. Prepare such statement where no such pre-designed statement exists. PC18. Seek and receive login ID to fill and update data into such statement when stored in electronic form. PC19. Read and understand thoroughly the contents of such statement. PC20. Collect and compile data as required to prepare the statement. PC21. Fill-in data such as gross salary and Professional Tax deducted for each employee (where applicable). PC22. Prepare summary of such statement highlighting the total amount of Professional Tax deduction made during the month. PC23. Make a note into such statement, details regarding the due date for depositing such Professional Tax amount to the Government account. PC24. Present such advice statement to Senior/Manager for approval. Preparation of advice statement relating to Provident Fund (PF) Deduction. PC25. Have access to/obtain pre-designed statement advice relating to Provident Fund (PF) deductions. PC26. Prepare such statement where no such pre-designed statement exists. PC27. Have thorough understanding of employee deduction and employer contribution to Provident Fund. PC28. Seek and receive login ID to fill and update data into such statement when stored in electronic form. PC29. Read and understand thoroughly the contents of such statement. PC30. Collect and compile data as required to prepare the statement. PC31. Fill-in data such as employee deduction and employer contribution details towards each employee. PC32. Prepare summary of such statement highlighting the total amount of Provident Fund deduction and contribution made during the month. PC33. Make a note into such statement, details regarding the due date for depositing such Provident Fund amount to the Government account. 26

27 BSC / N 1204 Preparing statement of advice relating to Employee State Insurance (ESI) Deduction Preparation of statutory advice PC34. Present such advice statement to Senior/Manager for approval. PC35. Have access to/obtain pre-designed statement advice relating to Employee State Insurance (ESI) deductions. PC36. Prepare such statement where no such pre-designed statement exists. Knowledge and Understanding (K) A. Organizational Context (Knowledge of the company / organization and its processes) B. Technical Knowledge PC37. Have thorough understanding of employee deduction and employer contribution to ESI fund. PC38. Seek and receive login ID to fill and update data into such statement when stored in electronic form. PC39. Read and understand thoroughly the contents of such statement. PC40. Collect and compile data as required to prepare the statement. PC41. Fill-in data such as employee deduction and employer contribution details towards each employee. PC42. Prepare summary of such statement highlighting the total amount of ESI deduction and contribution made during the month. PC43. Make a note into such statement, details regarding the due date for depositing such ESI fund amount to the Government account. PC44. Present such advice statement to Senior/Manager for approval. The user/individual on the job needs to know and understand: KA1. The products/services the company deals in. KA2. Different accounting system/procedure/processes that are followed by the company. KA3. Organizational guidelines for dealing with different types of receipts and payments. KA4. Company s policies regarding the employee compensation. KA5. Processes and methods of payments of compensation and recovery of loan/advances to employees. The user/individual on the job needs to know and understand: KB1. Thorough knowledge of Accounting Principles. KB2. Basic accounting concepts and techniques for recording transactions. KB3. Working knowledge regarding due dates for payments to the Government and filing of returns with the concerned authorities. KB4. Working knowledge of financial concepts such as calculation of interest amount, VAT, Service Tax etc. and knowledge of tax laws and tariffs relevant to the business. KB5. Have transaction processing knowledge. KB6. Clear understanding about concepts relating to calculation of salary. KB7. Procedures to record the details of work hours of employees. KB8. The differentiation between payments and reimbursement concepts. KB9. Procedures for digitally updating employee details. 27

28 BSC / N 1204 Skills (S) A. Core Skills/ Generic Skills Preparation of statutory advice KB10. IT skills and operating procedures of computers and other electronic devices. KB11. Preparation of statements/charts or any other report as is required/designed by the organization. KB12. Use of computers and have working knowledge of MS Excel, MS Word etc. Writing Skills The user/ individual on the job needs to know and understand how to: SA1. Prepare reports and summary of the collections for review. SA2. Prepare reports on status of overdue customers accounts. SA3. Communicate and share knowledge with peers and supervisors Reading Skills SA4. Read and understand organizational and regulatory guidelines SA5. Read and verify legitimacy of documents submitted by customers SA6. Read and explain terms of collections to customers Integrity SA7. Maintain integrity with respect to sensitive documents. SA8. Act objectively and in the best interests of the company. Mathematical Skills SA9. Compute numbers quickly and accurately. SA10. Perform basic mathematical operations such as addition, subtraction, multiplication and division. SA11. Calculate accurately any tax to be charged, discount allowed etc., w.r.t. the customer s account as per the company policy. B. Professional Skills Decision Making SB1. Differentiate between the critical documents and its relevance in accounting. SB2. Make clear, logical decisions regarding the upkeep of documents. Plan and Organize SB3. Plan the work/tasks at hand. SB4. Organize work & time in order to maximize productivity. SB5. Liaison with customers. Problem Solving SB6. Address problems arising either due to a technical issue, customer grievance or administration related issues and escalate those issues beyond one s role. Motivation SB7. Be self driven, take initiatives and deliver results set by the organization and respective seniors. Critical Thinking 28

29 BSC / N 1204 Preparation of statutory advice SB8. Consistently obtain feedback and improve their performance SB9. Exercise judgment in unforeseen situations which preserve company values and are in line with organizational guidelines Attention to detail SB10. Check whether the work is complete and free from errors. SB11. Get the work checked by others Team work SB12. Contribute to the quality of team working. SB13. Work effectively in a team environment D. Technical Skills Technical Skills SC1. Use information technology effectively to input and/or extract data accurately. SC2. Identify and refer anomalies in the data. SC3. Store and retrieve information. SC4. Keep updated with changes, procedures and practices in the role. SC5. Use software packages and tools specific to the field of expertise 29

30 BSC / N 1204 Preparation of statutory advice NOS Version Control NOS Code BSC / N 1204 Credits(NSQF) TBD Version number 1.0 Sector BFSI Drafted on 04/07/2014 Sub-sector Finance Last reviewed on 26/11/2014 Occupation Financial Inclusion Services Next review date 25/11/

31 BSC / Q 1205 Preparation of salary journal National Occupational Standard Overview Preparation of salary journal 31

32 National Occupational Standard BSC / N 1205 Preparation of salary journal Unit Code BSC / N 1205 Unit Title (Task) Description Scope Preparation of salary journal This OS unit is about Preparation of salary journal. The task needs the person in this job role to prepare the net salary payable statement in the prescribed format of the company which would detail the earnings of employees, deductions to be made from employee s salaries as this is the transactional document for recording the salary details into the books of accounts of the organization. Performance Criteria (PC) w.r.t. the Scope Element Performance Criteria Obtaining salary journal PC1. Have access to/obtain salary journal of the current accounting period. PC2. PC3. PC4. PC5. Seek and receive login ID to access and update data when stored in electronic mode. Read and understand thoroughly the contents of the salary journal. Collect and compile data as required to update the salary journal. Have access to receive any other document required for performance of the job role. Preparation of summary details of earnings of employees PC6. PC7. Have access to approved salary advice for the month/period. Fill-in the total of basic salary component of all employees put together for the month/period. PC8. PC9. Fill-in the total of allowance component of all employees put together for the month/period. Fill-in the total of incentive component of all employees put together for the month/period. PC10. Fill-in the total of commission component of all employees put together for the month/period. PC11. Fill-in the total of overtime payment (if any) of all employees put together for the month/period. PC12. Fill-in the total of any other earning component of all employees put together for the month/period. PC13. Calculate and highlight the total amount of gross salaries of employees for the month/period. PC14. Prepare and present any other data as is required. 32

33 BSC / N 1205 Preparation of summary details of deductions to be made from employees salaries Preparation of salary journal PC15. Have access to approved salary advice for the month/period. PC16. Fill-in the total of Employees contribution to Provident Fund component of all employees put together for the month/period. PC17. Fill-in the total of Employees contribution to Employee State Insurance (ESI) component of all employees put together for the month/period. PC18. Fill-in the total of Professional Tax (PT) component of all employees put together for the month/period. PC19. Fill-in the total of Income Tax Deducted at Source (TDS) component of all employees put together for the month/period. PC20. Fill-in the total of Leave without pay (if any) component of all employees put together for the month/period. PC21. Fill-in the total of any advance /loan recovered from employees component of all employees put together for the month/period. PC22. Fill-in the total of any miscellaneous deduction component of all employees put together for the month/period. PC23. Calculate and highlight the total amount of deductions to be made from gross salaries of employees for the month/period. Preparation of Net Salary Payable statement. PC24. Have access to/obtain the gross salary statement payable to all employees. PC25. Have access to/obtain the approved and verified deduction details of the employees. Knowledge and Understanding (K) A. Organizational Context (Knowledge of the company / organization and its processes) PC26. Calculate and highlight the net salaries payable to employees for the month/period. PC27. Prepare and present the above details for approval to Senior/Manager. The user/individual on the job needs to know and understand: KA1. The products/services the company deals in. KA2. Different accounting system/procedure/processes that are followed by the company. KA3. Organizational guidelines for dealing with different types of receipts and payments. KA4. Company s policies regarding the employee compensation.. KA5. Processes and methods of payments of compensation and recovery of loan/advances to employees. 33

34 BSC / N 1205 B. Technical Knowledge Skills (S) A. Core Skills/ Generic Skills Preparation of salary journal The user/individual on the job needs to know and understand: KB1. Thorough knowledge of Accounting Principles. KB2. Basic accounting concepts and techniques for recording transactions. KB3. Working knowledge regarding due dates for payments to the Government and filing of returns with the concerned authorities. KB4. Working knowledge of financial concepts such as calculation of interest amount, VAT, Service Tax etc. and knowledge of tax laws and tariffs relevant to the business. KB5. Have transaction processing knowledge. KB6. Clear understanding about concepts relating to calculation of salary. KB7. Procedures to record the details of work hours of employees. KB8. The differentiation between payments and reimbursement concepts. KB9. Procedures for digitally updating employee details. KB10. IT skills and operating procedures of computers and other electronic devices. KB11. Preparation of statements/charts or any other report as is required/designed by the organization. KB12. Use of computers and have working knowledge of MS Excel, MS Word etc. Writing Skills The user/ individual on the job needs to know and understand how to: SA1. Prepare reports and summary of the collections for review. SA2. Prepare reports on status of overdue customers accounts. SA3. Communicate and share knowledge with peers and supervisors. Reading Skills SA4. Read and understand organizational and regulatory guidelines. SA5. Read and verify legitimacy of documents submitted by customers. SA6. Read and explain terms of collections to customers Integrity SA7. Maintain integrity with respect to sensitive documents. SA8. Act objectively and in the best interests of the company. Mathematical Skills SA9. Compute numbers quickly and accurately. SA10. Perform basic mathematical operations such as addition, subtraction, multiplication and division. SA11. Calculate accurately any tax to be charged, discount allowed etc., w.r.t. the customer s account as per the company policy. B. Professional Skills Decision Making SB1. Differentiate between the critical documents and its relevance in accounting. SB2. Make clear, logical decisions regarding the upkeep of documents. Plan and Organize 34

35 BSC / N 1205 Preparation of salary journal SB3. Plan the work/tasks at hand. SB4. Organize work & time in order to maximize productivity. SB5. Liaison with customers. Problem Solving SB6. Address problems arising either due to a technical issue, customer grievance or administration related issues and escalate those issues beyond one s role Motivation SB7. Be self driven, take initiatives and deliver results set by the organization and respective seniors. Critical Thinking SB8. Consistently obtain feedback and improve their performance SB9. Exercise judgment in unforeseen situations which preserve company values and are in line with organizational guidelines Attention to detail SB10. Check whether the work is complete and free from errors. SB11. Get the work checked by others Team Work SB12. Contribute to the quality of team working. SB13. Work effectively in a team environment. C. Technical Skills Technical Skills SC1. Use information technology effectively to input and/or extract data accurately. SC2. Identify and refer anomalies in the data. SC3. Store and retrieve information. SC4. Keep updated with changes, procedures and practices in the role. SC5. Use software packages and tools specific to the field of expertise. 35

36 BSC / N 1205 NOS Version Control Preparation of salary journal NOS Code BSC / N 1205 Credits(NSQF) TBD Version number 1.0 Sector BFSI Drafted on 04/07/2014 Sub-sector Financial Last reviewed on 26/11/2014 Occupation Financial Inclusion Services Next review date 25/11/

37 BSC / Q 1206 Performing the Accounting Entry National Occupational Standard Overview Performing the Accounting Entry 37