![]() That may involve collecting account information from employees to set up direct deposits and transferring digital payroll information to banks. The distribution of payments to employees is also the responsibility of payroll. Employee expense reports may require approval before payroll accounting departments can issue payments expense reimbursements can trigger fringe benefits taxes (FBT) for employers. In companies that offer expense reimbursement, payroll accounting managers typically handle that process. Payroll accounting also tracks accrued annual holiday leave and other employee entitlements, such as sick leave and other personal leave days. The person calculating payroll must also make sure all deductions - for superannuation, benefits and taxes - are accurate. One of the most basic functions of payroll accounting is calculating employee pay. What are the main functions of payroll accounting? Payroll calculations and taxes A blip in the payroll accounting process could cause the employee a lot of stress and undermine their trust in the company. Employees want to know that their employer will pay them on time and withhold any applicable deductions - so they get what’s owed to them. This includes wages, salaries and bonuses, as well as superannuation contributions and other payslip deductions.Īccurate record-keeping is important for payroll accounting. Payroll accounting is the tracking of payroll-related expenses. ![]()
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