Para 12.44 — MSO

12.44 The posting of March transactions into the individual accounts of subscribers should be taken up by about the middle of April and completed by the middle of May. The work of calculation of interest due on each account should be commenced slightly before the completion of March postings and completed within a month, a transfer entry being prepared and incorporated in the March Final or Supplementary Accounts crediting the Provident Fund Head and debiting "0049 Interest Receipts". The interest calculation made by each Accountant with the help of interest tables should be checked independently by a separate Accountant. The amount of interest for the year as well as total deposits, refunds and withdrawals should be posted in the space provided for the purpose in the remark column of the ledger card and the closing balance for the year, worked out in respect of every ledger card. The calculations should be checked in detail by the Examiner, the Section Officer and the Gazetted Officer to the extent as may be prescribed.

NOTE:-Interest short or excess credited to a Provident Fund in the accounts of a previous year should be readjusted by addition to or deduction from the interest adjustable in the accounts the year in which the error is detected.

Side by side with the above process, the Machinist should prepare a balance compilation (in duplicate), Form 40 from the completed cards, cut the duplicate copy of the balance compilation statement into slips, and paste them on the forms of Annual Deposit account of subscribers; vide paragraph 12.67. He should satisfy himself that all the relevant ledger cards relating to a department have been collected including those which were closed during the currency of the financial year the accounts of which are under verification.