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Payroll accounting is one of the most common forms of accounting in today’s complex business environments. Payroll accounting is directly related to the employees of a company, big or small, and therefore needs to be handled extremely for the fear of incorrect payroll calculation of employees which may lead to employee dissatisfaction and therefore an unnecessary and extra overhead for the human resources department as well as the management professionals. However, what exactly is payroll accounting? Let’s try to address this question first.
As a part of bookkeeping practice at your business, you may often use entries in the journal in order to record any and every payroll expense in your books. These payroll expenses may be related to permanent employees of your company or may be related to the expenses that you incur on contractual employees or freelancers. It is also interesting to note that expenses may also differ in varieties and may include salaries, gross wages, other specific types of earnings as well as payroll taxes.
It is also interesting to note that there are three types of payroll accounting entries: initial recordings, accrued wages, and manual payments. Note that each type of entry has its own significance and needs to be handled in a specific way. At first glance, you may find payroll accounting a little difficult. However, there are accounting payroll services in Sydney to support you with any kind of payroll accounting requirement, be it for a small business or for an extensive business.