Payroll Accounting: Basic Principles
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Important: This is an interactive seminar. Please ensure you have access to a microphone and camera for full participation.
For your business to run smoothly, integrating payroll with finance, accounting and HR is essential. This full day National Payroll Institute seminar is packed with hands-on practical examples and exercises that impact every stage of the payroll accounting cycle. You’ll receive step-by-step instructions on recording journal entries, accounting for accruals and reversals, reconciling payroll expense and liability account, reconciling payroll bank accounts, and much more.
Building on the basics, you’ll learn how functions like general ledger postings, labour cost distribution, bank account reconciliation, and segregation of duties apply to payroll. You will also enhance your knowledge of the payroll accounting cycle.
How to access your session:
One to three business days before the live event, you will be sent information on how to access your online seminar. If you do not receive the login information within this timeframe, please check your email SPAM folder. If it's not there, please contact membership@payroll.ca as soon as possible.
What is payroll accounting?
- Accounting basics
- Financial transactions
- The accounting equation
- Chart of accounts
- Journal entries and T accounts
- Effects 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
Documentation/Authorization/Controls
- Controls within payroll
- Internal controls and prevention measures
- Audits
- 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
- Budgeting
- Variance
After registering online for this event, you will receive an email confirmation approximately 2 business days after the registration has been processed.
One to three business days prior to the live event, you will be sent information on how to access your online seminar.
Cancellations or Transfers: requests must be received in writing at least four (4) business days prior to the online seminar date. Please note a cancellation fee or transfer fee in the amount of $50 plus applicable taxes will be applied. Cancellation or transfer requests received after the login information has been provided are not eligible for a transfer or refund.