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 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
A deduction is a monetary amount subtracted from an employee’s taxable income that reduces the amount paid on a pay statement.
3:11
Payroll balancing confirms that wages, deductions, and taxes are accurate, complete, and consistent across payroll calculations, reports, tax deposits, and required filings.
1:42
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
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.
1:42
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.
1:33