What is payroll accounting? and what are the end to end entries involved in payroll accounting? Kindly help thank you
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Payroll accounting
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Payroll accounting is basically concerned with net salary/wages payable by employer to employee/contractor labour.Laws relating to Salary under income tax and pf,esi,tdsp tax are enough for its computation.
Entries covered in Payroll accounting :
Salaries to employees, provision for bonus, provision for gratuity, PF of employer portion, Employee group insurance, Employee ESI, OT charges paid to operators, stipend, incentives paid etc.,
Payroll accounting is done in order to manage the salary of the workers. If there are many employees in the company then there comes the need to hire a Guelph Payroll Provider who is a payroll specialist.
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