Tag: Accrued Payroll
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Bookkeeping – Estimating Employee Benefits (Lesson 84)
Employee benefits consist of vacation, sick time, retirement benefits, healthcare and other de minimus benefits. As a function of accrual accounting these benefits are estimated and posted as a deferred liability in the accrued payroll section of the current liabilities section of the balance sheet. This lesson explains how to calculate the respective benefits and…
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Bookkeeping – Complex Entries Expanded (Lesson 66)
A journal entry with multiple lines of entry affecting several different ledgers (accounts) is commonly referred to as a complex entry.
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Accrued Payroll – An Explanation
Accrued payroll is a current liability comprised of four sections. The first is the amount of payroll earned by staff and not yet processed or paid. The second is the dollar value of personal time off accumulated for each employee aggregated into one number.
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Create a File Structure for Accounting
Creating a file structure for accounting is critical for the overall success of the business. If properly structured, data retrieval and information access add to the overall value of the company.