![]() From there, you can record payroll entries to the GL. The process involves determining the primary items for payroll accounting and gathering payroll-related documents. Now that you know what payroll accounting is and why it matters, you may wonder how to get started. Wondering how payroll accounting differs from cost accounting? Get the complete breakdown of cost accounting to find out. Employer benefit costs, such as the cost of administering healthcare benefits, paid sick leave and more.Other benefits, such as tuition reimbursement.Benefits withholding, such as health insurance premiums and 401(k) retirement plan.Employee and employer tax withholdings, including FICA and Medicare taxes and unemployment taxes. ![]() ![]() Employee compensation, such as salary, overtime pay, commission and bonuses.Here’s a list of information that should be included in your payroll accounting: Each journal entry is recorded on a general ledger (GL) that keeps a record of financial transactions for financial reporting purposes. All this information is placed in financial journal entries to get an overview of payroll expenses and details about each transaction, such as date of compensation, compensation amount and where compensation was delivered. Payroll accounting refers to an organization’s record of an employee’s compensation, including benefits, payroll taxes and money deducted from wages.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |