What You Really should Know about Accounting Payroll

Paperless Payroll Can Make Activities Easy

What You Should Know about Accounting Payroll The most important fact about accounting payroll is that it involves financial statements and not filing tax returns. Accounting payroll requires a detailed description of fringe benefits and payroll for employees which is necessary in the management of employee time. A Payroll Journal records payroll that is due to be paid to employees. When it is time to disburse payments, a Payroll Disbursement Journal records amounts when payroll is finally paid to employees. Computerized accounting payroll allows for the printing of hard copy journals as well as payroll ledgers and calculates employee taxes to be withheld automatically with a few simple settings. Employee time sheets are also called payroll source documents, and are required for audit use when accounting payroll. The Labor Department is one organization that requests these payroll source documents on an audit basis.