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6 Cards in this Set
- Front
- Back
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Payroll System |
Many components that must fit together inclues: 1. Hardware 2. Software 3. Network 4. People operates it |
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Payroll System Functions |
1. Compliance: Taxation, whithholding, depositing, reporting, Compliance FLSA and state wage and hours rules. 2. Accuracy: Timely and Accuracy:tax complexity 3. Reporting: Tax, expenses trends 4. Record Retention: 5.Maintaining Control and Security |
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Interfaces |
Refers to the point where two distinct data-processing elements meet. When two systems are interfaced the systems are organizes so they can talk to each other |
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Systems interfaced to Payroll System |
1. Human Resources/Personnel 2. Benefits 3. Data Collection 4. Bank Checking Accounts 5. Electronic Funds Transfers 6. Time and Attendance 7. General Ledgwr/ Cost Accounting |
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Payroll Reconciliations |
At regular intervals must review Payroll General Ledger Accounts. To make sure they are accurate and in balance. Payroll liability account.(Tax payable acc) Other Withholding Account Payroll Cash Accounts(check.payrollcard. DD |
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Reconciling to Third Party Payments |
-Outsource providers managing 401k, Plan Flexible Account - Agencies or Courts administering withholding orders -Unions |
