Dear members, What is meaning of payroll reconciliation? Which are basic terminologies in payroll management? Regards, Nikhil Sharma, Jaipur
From India, Delhi
41From India, Delhi
Dear Nikhil,
In accounting reconciliation means to verify the transactions. (e.g verifying the transactions with budget provision, actual expense occurred and the receipt of transactions.)
Same is the case with Payroll transaction, which means verifying the salary expenses of the company. like If an employee earned Rs. 8000/- during a payroll period (Normally a month) but only receives Rs. 7550, the rest of the money would go to such things as taxes, Social Security with-holdings and insurance etc deductions. Now reconciling the salary cheque would involve all the above mentioned accounts affected by the payroll.
Regards,
Ali Baloch
From Pakistan, Karachi
In accounting reconciliation means to verify the transactions. (e.g verifying the transactions with budget provision, actual expense occurred and the receipt of transactions.)
Same is the case with Payroll transaction, which means verifying the salary expenses of the company. like If an employee earned Rs. 8000/- during a payroll period (Normally a month) but only receives Rs. 7550, the rest of the money would go to such things as taxes, Social Security with-holdings and insurance etc deductions. Now reconciling the salary cheque would involve all the above mentioned accounts affected by the payroll.
Regards,
Ali Baloch
From Pakistan, Karachi
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Payroll.xls
Meaning of Success.pps