Para 12.39 — MSO (A&E)
Original Rule Text
12.39 The fund schedules and the ledger cards duly arranged in the manner indicated in paragraph 12.37 should then be taken up by the Machinist for postings. He should make entries with regard to withdrawals in the fund schedules concerned from the vouchers of withdrawals which should have been pinned to the ledger cards concerned by the Record Clerk, arrange his totalisers as below the and proceed to operate with reference to the entries in the fund schedules.
Before inserting the card in the machine he should compare the number and name with the entry in the schedule and take action, with reference to any card found wanting, as indicated in paragraph 12.37 supra. The current year's balance alone should be shown in the closing balance column of the ledger cards, i.e., the current year's balance should be kept quite distinct from the last year's balance which, after the annual accounts have been completely proved, should be posted against the entry "Balance on 31st March" in the remarks column of the ledger card from. Under this procedure, the opening and closing balances in the ledger card will, where the amount of withdrawal taken by a subscriber is in excess of his current Year's balance, become minus balances. In the case of final payments, the Machinist should, however, type in the opening balance column the balance of the previous
month as also the closing balance of last year.
What This Means
When posting provident fund entries using a machine, the Machinist must carefully match each ledger card's number and name against the fund schedule before inserting it. The current year's balance is kept separate from the previous year's balance. If a subscriber's withdrawal exceeds the current year's balance, the opening and closing balances may show negative (minus) figures. For final payments, the Machinist must type both the previous month's balance and last year's closing balance.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1Always verify ledger card number and name against the fund schedule before machine posting
- 2Current year's balance must be kept distinct from the previous year's balance
- 3Withdrawals exceeding current year deposits can result in minus (negative) balances on the card
- 4For final payments, both previous month's balance and last year's closing balance must be entered
- 5Missing cards must be handled as prescribed in Para 12.37
Practical Example
A Machinist in the AG office is posting April entries for the GPF. Before inserting Subscriber No. 4521's ledger card, he checks the fund schedule and confirms the name and number match. The subscriber withdrew Rs. 50,000 but only contributed Rs. 12,000 this year, so the card shows a minus closing balance of Rs. -38,000 for the current year, which is correct since the withdrawal was drawn against the previous year's accumulated balance.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Frequently Asked Questions
Why does a ledger card sometimes show a negative (minus) balance?▼
What should the Machinist do if the card number does not match the schedule entry?▼
How is the final payment posting different from regular monthly posting?▼
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.