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A payroll voucher records the details of employee compensation for a specific pay period, including gross wages, deductions (such as taxes and benefits), and net pay. It typically includes information about individual employees, their hours worked, pay rates, and any additional earnings or adjustments. This document serves as a financial record for both the employer and employee and is essential for accurate payroll processing and accounting.
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What is a payroll record?
This is a printed detailed record of the amounts of money paid to auxiliaries. Payroll record also included the record of the hours worked for the employees.
What two basic records are generated in most payroll accounting systems?
payroll register and earnings record
What does a payroll consist of?
In a company "Payroll" is a sum of all financial record. it consist of salaries, wages, bonuses & deductions.
What should an employer record payroll deductions as?
Current liabilities.
What would a journal entry to record the payroll include?
debit payroll expensescredit cash / bank
How many voucher in payroll?
1
What is a payroll record?
This is a printed detailed record of the amounts of money paid to auxiliaries. Payroll record also included the record of the hours worked for the employees.
Employers usually prepare which types of payroll records?
payroll register, employee earnings record, and payroll check
What is a payroll in a way a kid could understand?
A payroll is a record of money a company pays to its employees. This record would include salaries, bonuses, and taxes deducted.
What two basic records are generated in most payroll accounting systems?
payroll register and earnings record
What is a receipt voucher and what is it used for?
a record of the transaction undertaken like a receipt
What does a payroll consist of?
In a company "Payroll" is a sum of all financial record. it consist of salaries, wages, bonuses & deductions.
A book that keeps separate record for each account is known as?
voucher
What should an employer record payroll deductions as?
Current liabilities.
What would a journal entry to record the payroll include?
debit payroll expensescredit cash / bank
What is a separate written record that is kept for each asset liability and equity account?
The vouchers form the basic record of accounting. Wherever it is possible the corresponding documents resulting in such entries are kept along with the voucher or separately in a file referring to the voucher number. These form the basic written record.
Which voucher record transaction related to the transfer of funds?
A voucher record transaction related to the transfer of funds typically involves the documentation of a financial transaction where funds are moved from one account to another. This could include invoices, payment requests, or expense reimbursements that require approval and verification. The voucher serves as a formal record of the transaction, including details such as amounts, dates, and involved parties, ensuring accountability and proper tracking of funds.
