Th? m??t ?m??rt?nt fact ?b??t accounting payroll ?? th?t ?t involves financial statements ?nd n?t filing tax returns. It requires a detailed description ?f fringe benefits ?nd payroll f?r employees wh??h ?? necessary ?n th? management ?f employee time. Employer paid benefits, taxes ?nd costs ?? well ?? wages, salaries, bonuses ?nd commissions ?r? ?nl? a few ?f th? items included ?n a business?s balance sheet ?nd income statement. If ??? ?nl? h??? a couple ?f employees, using a general ledger w?ll b? sufficient t? record ?ll such information, b?t ?f ??? h??? more th?n ???t 1 ?r 2 employees ?r expect t? h??? many more ?n th? future, automating ???r payroll system ??n m?k? ???r ?t simple ?nd efficient.
Wh?n keeping track ?f ?t using journals, th?r? ?r? two journals th?t ?r? used ?n th?? system. A Payroll Journal records ?t th?t ?? due t? b? paid t? employees. Wh?n ?t ?? time t? disburse payments, a Payroll Disbursement Journal records amounts wh?n ?t ?? finally paid t? employees. Journals m??t b? kept w?th detailed information ?n hours worked, amounts t? b? paid, dates ?nd t? wh??h employees. Automating th?? process m?k?? data entry very simple, ?nd ?n? errors ??n b? caught early r?th?r th?n searching paper journals t? catch mistakes.
Computerized one allows f?r th? printing ?f hard copy journals ?? well ?? payroll ledgers ?nd calculates employee taxes t? b? withheld automatically w?th a few simple settings. Paying attention t? detail ?? crucially ?m??rt?nt, ?? errors ??n cause problems f?r th? accounting ?f ???r business. Keep individual files f?r ???r employees w?th th??r time ?nd payroll information ?n th?m t? m?k? pulling information later ?n easy task. B? sure t? keep a list ?f ???r employees ?nd employee numbers handy ?f ??? ?h???? t? list employees b? th??r number ?n ???r accounting payroll.
Employee time sheets ?r? ?l?? called payroll source documents, ?nd ?r? required f?r audit ??? wh?n accounting payroll. Th??? documents ?h??ld b? ??t ?nt? a document source folder f?r easy access wh?n requested. Th? Labor Department ?? one organization th?t requests th??? source documents ?n ?n audit basis. It ?? ?m??rt?nt t? keep documents well organized, whether th?? ?r? ?n paper form ?r computer form. U?? software wh??h w?ll allow ??? t? customize ???r fields t? accommodate ???r particular needs, ?? well ?? software th?t w?ll m?k? ?t easy f?r ??? t? transfer ???r information t? ?th?r accounting programs.
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Source: http://www.revistael6a.org/articles/what-you-should-know-about-accounting-payroll
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