Payroll reconciliation checklist
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.
- Payroll reconciliation checklist
- Completed
- Verified
- Discrepancy
- Not Applicable (N/A)
- Gather all payroll documents, including payroll reports and bank statements.
CompletedVerifiedDiscrepancyNot Applicable (N/A)- Verify the accuracy of all payroll records.
CompletedVerifiedDiscrepancyNot Applicable (N/A)- Compare employee hours worked with time cards, vacation time, and other records.
CompletedVerifiedDiscrepancyNot Applicable (N/A)- Ensure payroll taxes and deductions are correct.
CompletedVerifiedDiscrepancyNot Applicable (N/A)- Compare payroll totals from internal records with totals from the bank statement.
CompletedVerifiedDiscrepancyNot Applicable (N/A)- Confirm that all payments have been made for taxes and other deductions.
CompletedVerifiedDiscrepancyNot Applicable (N/A)- Make sure all employee payments are accurate and complete.
CompletedVerifiedDiscrepancyNot Applicable (N/A)- Reconcile all changes in payroll tax and other deductions.
CompletedVerifiedDiscrepancyNot Applicable (N/A)- Review all adjustments made to employee pay and verify they are correct.
CompletedVerifiedDiscrepancyNot Applicable (N/A)- Document all payroll records and steps taken to reconcile them.
CompletedVerifiedDiscrepancyNot Applicable (N/A)
Checklist Category
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Frequently Asked Questions
What is payroll reconciliation?
Payroll reconciliation is the process of comparing the payroll records of an organization to its financial records to verify accuracy and ensure all payroll transactions are accounted for.
What are the benefits of payroll reconciliation?
Payroll reconciliation can help organizations ensure accurate payroll processing and help identify potential errors or discrepancies that may require further investigation. Additionally, it can help ensure compliance with applicable laws and regulations.
What items should be included in a payroll reconciliation checklist?
A payroll reconciliation checklist should include items such as verifying employee wages, salaries, and other compensation; reconciling payroll taxes; reconciling employee deductions; reconciling benefit deductions; verifying employee hours; reconciling holiday and vacation pay; and reconciling employer contributions.
