Define payroll. Mention the various payroll procedures conducted regularly for updating the payroll database?

The administration of the financial record of employees' salaries, wages, bonuses, net pay, and deductions. The primary purpose of the Corporate Payroll/Human Resource System is to pay salaries and wages to employees in an accurate and timely manner and to provide information for managerial purposes.

Payroll is a process where payments are processed on regular basis typically monthly or bi-monthly.

Payroll is processed in simple excel or word sheets or a using payroll software.

Factors considered are:

1. payments to employees, trainees, contractors. 

2. Special pays like bonus, incentives

3. Deductions due to leaves

4. Terminations or on-site employees

5. Various allowances 

6. etc.

ü  Ensure the processing of new hires, temporary workers, transfers, promotions and terminations is accurate and timely manners.

ü  Process and review the Monthly Payroll of the company.

ü  Ensure the Transfer of Salaries in respective accounts of staff in timely and accurate manners.

ü  Ensuring proper recording of accounting transactions related to Personnel Cost in order to obtain an accurate financial impact.

ü  Prepare the Monthly & Annual Income Tax Statement for Deposit of deducted Income Tax and E-Filing.

ü  Prepare and maintained the Monthly Provident Fund Trust Accounts.

ü  Doing the long term and short term investments of the Provident Funds.

ü  Review and finalize the Final Settlements of Resigning Staff.

ü  Conduct the Annual Audit of Provident Fund and also work closely with auditors in finalization of Personnel Cost audit during annual audit of the company.

ü  Responsible for ensuring that salaries and benefits are administered accurately and efficiently which comply with local government regulation including statutory contribution and labour law development.  Monitor cost against budget for the variances / discrepancies.

ü  Preparation of year-end bonus payouts.

ü  Prepare Monthly EOBI Details of Staff for Deposit & Annual Returned.

ü  Prepare Monthly Social Security Details. 

Identify Employees

 ■ Employee vs. independent contractor

■ statutory employee

Calculate the Payroll

■ Gross pay and withholding

■ Payroll taxes expense

■ Benefits expense

Record the Payroll

■ Journal entry for the gross pay expense

 ■ Journal entry for the payroll taxes expense

■ Journal entry for the benefits expense

Make Payments

■ To employees

 ■ To taxing authorities

■ To other parties