General Ledger
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Description
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A general ledger is a journal containing accounting transactions related to a company’s assets, liabilities, equity, revenue, and expenses.
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A general ledger is a journal containing accounting transactions related to a company’s assets, liabilities, equity, revenue, and expenses.
Pay groups are assigned to a set of employees and define how they are paid. Pay groups determine pay frequency, pay schedule, and processing steps.
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It’s the employer’s responsibility to submit and report payroll taxes and statutory deductions that have been calculated for every employee. This video reviews how businesses pay taxes and how they report those payroll taxes.
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Payroll taxes are calculated based on the total compensation of each employee. Federal and State withholding taxes are based on the Form W-4 information for each employee.
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An involuntary garnishment, sometimes called a wage attachment, is a legal process in which an amount is collected directly from an employee’s wages to satisfy an unpaid debt.
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The pay statement, also known as a pay stub, includes the details of the employee’s pay for that pay period. Pay statement details help employees understand their pay and check for inaccuracies.
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The Record of Employment (ROE) is the form employers process for employees receiving insurable earnings who stop working and experience an interruption of earnings.
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