A Payroll Reconciliation Checklist is a set of procedures used to verify that the payroll amounts reported to employees and the government are correct. It is a way to ensure that payroll is accurate and up-to-date. The process involves comparing the gross pay, deductions, and net pay of the current payroll period to the prior payroll period and to other documents such as the payroll register and payroll journal. Reconciliation also includes verifying the accuracy of tax withholding, Social Security, and Medicare information. The checklist is also used to identify any discrepancies in the payroll data. The checklist helps to ensure employees' wages are accurate and tracked accurately.
What is payroll reconciliation?
What are the benefits of payroll reconciliation?
What items should be included in a payroll reconciliation checklist?