Post Payroll Journal Entries to General Ledger
On a weekly basis, Payroll Department produces journal entries for payroll expenses and liabilities. Payroll Department provides journal entries and supporting documents to F/EA Accountant. At month end, F/EA Accountant reviews each journal entry and supporting documents. The journal entry template is stored in: <<File Path>>. F/EA Accountant posts payroll expenses and liabilities to the General Ledger. The F/EA Accountant signs and dates each journal entry and <<Staff Title>> authorizes by signing each journal entry. All journal entries are saved here: <<File Path>>
Post Payroll Tax Liability to General Ledger
- On monthly basis, <<Staff Title>> produces Payroll Journal Summary report.
- F/EA Accountant or assigned staff reviews journal entry and supporting documents for completeness and mathematical accuracy.
- F/EA Accountant posts the Tax liability to the following General Ledger accounts.
- Account # <<>> Employee Federal Income Tax withheld
- Account # <<>> Employee and Employer FICA Tax
- Account # <<>> Employee State Income Tax withheld
- Account # <<>> Accrued State Unemployment Taxes
- Account # <<>> Accrued Federal Unemployment Taxes
The internal controls used by F/EA to monitor this process establish responsibility, segregate duties, document procedures and ensure independent internal verification.
- <<Staff Title>> produces journal summary report from reconciled data
- <<Staff Title>> signs and dates journal summary report
- F/EA Accountant reviews and verifies data prior to posting entries to General Ledger
- F/EA Accountant signs and dates journal entry after posting to General Ledger
- The <<Staff Title>> authorizes the entries by signing and dating the payroll journal entries.
- All reconciliation templates are pre-numbered
- All signed and dated journal entry templates are stored for a minimum of 7 years per File Retention Policy
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