Dear members, What is meaning of payroll reconciliation? Which are basic terminologies in payroll management? Regards, Nikhil Sharma, Jaipur
From India, Delhi
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41From India, Delhi
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In accounting, reconciliation means verifying the transactions (e.g., verifying the transactions with budget provisions, actual expenses incurred, and the receipt of transactions).
The same applies to payroll transactions, which involve verifying the salary expenses of the company. For example, if an employee earned Rs. 8000/- during a payroll period (usually a month) but only receives Rs. 7550, the remaining money would go towards deductions such as taxes, Social Security withholdings, and insurance. Reconciling the salary cheque would entail reviewing all the aforementioned accounts affected by the payroll.
Regards,
Ali Baloch
From Pakistan, Karachi
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The same applies to payroll transactions, which involve verifying the salary expenses of the company. For example, if an employee earned Rs. 8000/- during a payroll period (usually a month) but only receives Rs. 7550, the remaining money would go towards deductions such as taxes, Social Security withholdings, and insurance. Reconciling the salary cheque would entail reviewing all the aforementioned accounts affected by the payroll.
Regards,
Ali Baloch
From Pakistan, Karachi
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Payroll Management System .pdf
Payroll.xls
Payroll.doc