Question

What useful accounting data might be captured in a specialized payroll journal, in addition to the net wages paid to each employee?

In addition to the invoice from the supplier, what other evidence does the accounting department need to collect - and where is this evidence found - in order to safely authorize payment of the invoice?

Answer 1

Useful Accounting Data

Every company needs a payroll and accounting clerk to record the data for the payroll of the organization, there is lot of work towards the payroll is needed depending upon the size of the organization. There are various task to be performed by the accounting staff for the smooth function accordingly various companies choose the outsource payroll and accounting data entry fully or partially.

As per the requirement , in addition to wage payment , various function needs to be performed such as -

- employee management

- collecting time keeping information

- calculating pay roll based on hour work

- calculation of leave for the employees and divided into leave with pay and leave without pay

- overtime payment schedule matching with the additional hour spend

In addition to this , there are various things that cover

- manage ad calculate task and deductions

- bonus relate to the staff

- various type of information to be verified

- if any discrepancies found , it must be investigated

- from time to time update and maintain the information

- enter ro record time keeping information

- schedule hour work of the employees in the system

If the organization is big , it is difficult for the single person to manage all these tasks .So, companies need to allocate lot of resources to the finance and accounting department .

In addition to this various work like spreadsheet management , invoice processing , accounts payable files , uploading the invoice and likes are to be performed by accounting department apart from net wages paid to the employees

Other Document for safety authorize payment

The supplier or vendor will send an invoice to the company , for the goods which is purchased on credit when invoice or bill is received the customer refer as vendor invoice . The process of paying vendor is one of the final step in the purchase cycle , when the company order to the supplier ,it raise a Purchase Order (PO) and when the goods arrive an invoice is received which is called vendor invoice. But there are lot of things to be considered in addition to the payment to the supplier and also efforts made to verify each payment to the supplier before giving final payment , these are :

- Quality of product

- Quantity of product for which order is given

- Price to be check for which contract is made '

- Date and time required to be check , in order to ensure delivery of goods on time

- Proper entry regarding the accounts payable module

- If the invoice is matched to the purchase order then match the PO online

- Approve the invoice online

- Managing invoice promptly and accurately is the key to maintain good relationship with the supplier

- The payment should be made for the item received and it should checked properly.

-The payment should be made to the supplier account which is properly checked and authority is made to credit the amount under this account.

So, every efforts should be made to check properly and all around for the safety of the organization and also not impact upon the reputation or goodwill of the firms.