There is no need to create new profile or new asset for Provident Fund (PF) every year. You can manage your PF investment as follows:
1) If interest rate remains unchanged, you can leave it as it is. You may not need to pass interest amount entry on 31-March, as done in your PPF passbook. If interest rate changes for any particular year, you need to pass interest amount entry till 31st March based on your passbook, change interest rate percentage to a new rate and the interest calculation will start with the new rate.
01-Apr-07 – New Investment Rs. 70,000 – Interest rate 8% and for 01-Apr-08 onwards the rate changes to 8.5%, the entries need to be done as below:
01-Apr-07 – New Investment – 70,000
Interest rate: 8%
31-Mar-08 – Interest (Cumulative) – 5,600/-
Closing Balance as on 31-Mar-08 – Rs. 75,600
Now, open the first transaction, 01-Apr-07 for Rs. 70,000/-
Edit Interest Rate to 8.5%
The interest calculations from 01-Apr-08 will start with the new rate.
Please note that the new interest calculation will start from 01-Apr onwards in that year where you have entered cumulative interest amount on 31st March.