- 1 hour on-demand video
- 2 articles
- 2 downloadable resources
- Full lifetime access
- Access on mobile and TV
- Certificate of Completion
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- Define liability and asset accounts for payroll transactions.
- Identify payroll transactions that should be posted to a liability or asset account.
- Define debit and credit.
- Recognize the processes to ensure correct accounting of the payroll.
- Discover how payroll practices impact the cost of operating a payroll organization.
- Discover how to prepare payroll journal entries for the general ledger posting.
- No advanced preparation or prerequisites are needed for this course.
This course prepares the learner with the basic knowledge needed to administer the accounting for payroll. We start with a brief overview of payroll accounting. We will discuss debits, credits, liabilities, and assets. We then walk through an example of recording journal entries for payroll transactions and accruals for a month. The material taught in this course will enhance the skill-set of the payroll practitioner looking to advance in his/her career.
We review examples of:
- General employer payroll liabilities: such as liabilities for employee compensation, liabilities for employee payroll withholdings, and liabilities for employer payroll taxes.
- Payroll journal entries
- Payroll accrual journal entries
If you would like Continuing Education Credit (e.g. CPE, CE, CPD, etc.) for this course, it is available if you take this course on the Illumeo dot com platform under course title: Introduction to Payroll Accounting. Illumeo is certified to provide CPE in over two dozen different professional certifications covering finance, accounting, treasury, internal audit, HR, and more. However, in order to receive CPE credit the courses must be taken on an ‘approved-by-the-governing-body’ CPE platform, and for over two dozen corporate professional certifications, that is the Illumeo platform. Go to Illumeo dot com to learn more.
- Anyone interested in Accounting, Finance, or related fields.