PAYROLL ACCOUNTING – BASIC PRINCIPLES
For certified members, this seminar counts toward 7.5 hours of continuing professional education. Click here to find a date and location in your area.
There are many facets of payroll accounting from general ledger postings to labour cost distribution and bank account reconciliation to segregation of duties. Each has its own need and purpose. One thing for sure is that understanding proper accounting methods is an essential skill for the payroll practitioner.
This full day seminar is packed with hands on practical examples and exercises of the complete payroll accounting cycle, which includes step-by-step instructions on recording journal entries; accounting for accruals and reversals; reconciling payroll expense and liability accounts; reconciling payroll bank accounts; and so much more.
Who should attend?
This introductory professional development seminar is perfect for those new to payroll, experienced payroll practitioners, payroll analysts, and specialists, or if you oversee the payroll department, if you are responsible for reconciling payroll accounts and journal entries, or if you might simply need to gain an understanding of payroll accounting; this seminar will provide you with the knowledge and skill required to excel at your accounting responsibilities within the payroll function.
The curriculum covers:
What is payroll accounting?
- Accounting basics
- Financial transactions
- The accounting equation
- Chart of accounts
- Journal entries and T accounts
- Affects of debits and credits
Payroll Journal Entries and Accruals
- Payroll source documentation
- Posting payroll entries to the general ledger
- Cancelled/recalled pays
- Accruals and reversals
- Controls within payroll
- Internal controls and prevention measures
- Record keeping
Reconciling Payroll General Ledger Accounts
- Reconciling expense and liability accounts
- Account reconciliations:
- Bank reconciliation
- Balancing the payroll tax account
- Analyzing accounts
Information Provision, Financial Planning and Budgeting
- Reporting to internal sources on payroll
- Direct/indirect labour
- Financial planning and payroll