1. Define computerized payroll systemand what are basic concepts of it? What are input and output design inpayroll system?
1. Basic concept of computerized payroll system are personnel data file with name, date of joining, scales, basic pay, DA, HRA, conveyance, medical, entertainment, claims, special pay and leave records month-wise and system generates monthly payslips for each employee according to his/her scale of designation with extra perks and pf fp insurance electricity bill detection monthly income tax also detected monthly.<br>2.input name designation scales with basic pay and increment, da,hra. convenience and other perks income tax pf fp and house allotted rent with electricity deduction<br> and output design is total pay showing basic da hra and deduction site income tax pf fp etc
2. What is payroll?
The term 'payroll' encompasses every employee of a company who receives a regular wage or other compensation. Some employees may be paid a steady salary while others are paid for hours worked or the number of items produced. All of these different payment methods are calculated by a payroll specialist and the appropriate paychecks are issued. Companies often use objective measuring tools such as timecards or timesheets completed by supervisors to determine the total amount of payroll due each pay period.
3. What do you mean by vouching?
Vouching is the process of checking the authentication of the voucher maintained by the management with the respective supporting document
4. What reports are provided to the accounting dept. from payroll every month? What reports are generate at end of month, qtr & year-end in the payroll dept?
When preparing the payroll every month the accounts dept should be provided with information such as the status of the employee as if he is permanent or on a contract or in probation attendance and if there are any bonuses to be given to the employee.
5. How can the scope of internal audit help you?
Internal audit is an independent appraisal function that is established by the management of an organization for the review of its internal control system as a service to the organization. To learn about the scope of internal audit.
6. How to define payroll?
Payroll means processing a salary for a salaried employee. There should be a relation of "contract of service".
7. What are Payroll source documents?
The Payroll source documents are the employee Time Sheets (or equivalent) that record when the employee worked and generally what they did. These records are subject to audit by the Labor Department, EEOC, and probably others that I haven't encountered. These should be bound into a Payroll Source Document folder.
However, there are other employee documents that need to be retained, e.g., their original employment application, employee reviews (if you do them),that record their federal/state tax exemption choices, reporting their annual wages and withholdings, etc.
These can be filed in separate Employee files (by employee name or number) -- or simply integrated into the Payroll Source Document folders (in the week in which they occur). I very much favor the latter -- especially if you're doing computer accounting -- in keeping with my "always file chronological" bias.
8. What are the benefits achieved by computerized payroll system?
While doing payroll through payroll packages / any other calculated excel sheets we will get the appropriate data of salary payout/income tax payable & deductable values / statutory deductions particulars / Professional Taxdeductable & payable values.
Rounded off values with proper/appropriate format for filing IT & Statutory & PT will be generated through the computerized payroll system.