General Ledger
2:33
Description
Related Videos
A general ledger is a journal containing accounting transactions related to a company’s assets, liabilities, equity, revenue, and expenses.
View More
View Less
2:33
A general ledger is a journal containing accounting transactions related to a company’s assets, liabilities, equity, revenue, and expenses.
A deduction is a monetary amount subtracted from an employee’s taxable income that reduces the amount paid on a pay statement.
3:11
Identifying the scenarios that require a payroll adjustment is an important part of payroll processing. Common scenarios include payments issued in error or payments not received, or payments received but a correction is needed.
1:39
Earnings identify different types of employee compensation for services provided. Earnings can also include specific parameters such as accounting rules, tax laws, and reporting requirements.
2:42
Payroll balancing confirms that wages, deductions, and taxes are accurate, complete, and consistent across payroll calculations, reports, tax deposits, and required filings.
1:42
A pay statement, also known as a pay stub, provides a detailed breakdown of an employee's pay for a specific pay period. It shows how gross earnings, deductions, and taxes are calculated to determine the employee's net pay.
1:19
There are three categories of payroll taxes and statutory deductions: those that the employee and the employer pay, those that only the employee pays, and those that only the employer pays.
1:42