In this video, I share how to complete wages journals for payroll. This tutorial demonstrates UK Payroll accounting but the principles of double-entry are used internationally. The debits and credits of gross pay, net pay, employers and employees tax are detailed.
Create a bookkeeping spreadsheet using Microsoft Excel
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Very informative.:) Thank you
I was intending to start a Training Course but feel you have shown me everything I need to know! Would you recommend that I start the course or would I be wasting valuable money?
Thanks for sharing. As you have mentioned:
CR employees Tax control
£2,000 X 25% = £500.
CR Employees NI control £100
£2,000 X 5% = £100
What is the original wages for employer NI control account £300. How do you know that employer pays £300. Is that standard payments. Or depending on monthly wages. Let’s say if the employee earns up to £4,000 per month so the employer would pay £600. Just wondering
Tax Deposit Information For the date range, provides taxable earnings totals, Federal 941, 940 and State tax deposit information.
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The level of manual tasks, duplication and non-value added activities in the payroll process often prevent staff from providing the reports that management require on a timely basis.
The best practice for providing management information that is timely, useful and relevant is automating, simplifying and standardising as many processes and tasks as possible, to eliminate unnecessary complexity and inconsistencies. This will reduce opportunities for error or fraud and make it easier to track the quantity and quality of information flowing to payroll.
A holistic approach that considers factors across all business dimensions, including strategy, structure, people, process and technology, creates reporting that is highly sustainable and scalable.
If you do not feel confident in your reporting capabilities or would like to improve your reports, technology could be a valuable ally providing master data that is clean, up to date and which can be relied upon.
Employee Advance Summary For the date range lists Advances paid and repaid with beginning and ending balances, one line per employee.
Employee Payroll Summary Lists for the date range Gross Pay, Total Withholdings, Credits, Reimbursements, Advances and Checks Total, one employee per line.
Payroll Journal Summary.
Payroll Journal Summary For the date range selected provides posting debit and credit totals for the Accounting sections Assets, Liabilities, Revenue and Expenses, with totals by General Ledger account number within each section.
Tax Liability Summary.
Form 941 Information For the date range selected, provides total Federal and State taxable wages, EIC credits, and other tax deposit information relevant to the 941 report.