Payroll Applications

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Payroll Applications

• Done By Jude Vishal

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Contents

• Payslips
• Paycheck
• Payroll savings program
• Payroll cards
• Payroll professionals
• Warrants
• Required Hardware
• Required Software
• Financial reports
• Purpose of financial reports

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Whats a Payroll?

• It is a sum of all financial records in a
  business of salaries, wages, bonuses and
  deductions.

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What are Payslips?

• It is a document that an employee receives either
  as a notice that the direct deposit transaction
  has gone through, or as part of their paycheck.
• It details the gross income and all taxes and any
  other deductions such as insurances or charitable
  contributions taken out of the gross amount to
  arrive at the final net amount of the pay.

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Paycheck

• A paycheck is traditionally a paper document
  issued by an employer to pay an employee for work
  done.
• a physical check for paying wages and salaries
  has been uncommon for the past several decades
  and has been replaced by electronic direct
  deposit to bank accounts.

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Payroll savings program

• A payroll savings program is a method of
  automatically deducting money from one's paycheck
  and depositing it into a savings account.
• That money is less likely to be spent as those
  funds are made less available, so theres a
  reduced chance that it will be spent.

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Payroll cards

• A payroll card is a card that allows an employee
  to access their paycheck by using a card that
  looks like a bank debit card.
• A payroll card can be more convenient than using
  a check casher, because it can be used at
  participating automatic teller machines (ATM) to
  withdraw cash, or in shops to make purchases.
• The payroll card account usually is held as a
  single account in the employer's name. That
  account holds the payroll funds for all employees
  using the payroll card system. Some payroll card
  programs establish a separate account for each
  employee, but others do not.
• Most payroll cards will charge a fee if used at
  an ATM more than once per pay period.

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Payroll professionals

• In several countries to be a payroll
  professionals, one has to be qualified e.g. in
  the U.S.A Payroll Professionals are Certified by
  the American Payroll Association.
• They are designated as Fundamental Payroll
  Consultant (FPC) or Certified Payroll
  Professional (CPP) after passing the appropriate
  certification exam.

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Warrants

• Warrants look like checks.
• Warrants are issued for payroll to individuals
  and for accounts payable.
• A warrant is not payable on demand and may not be
  negotiable.

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Payroll hardware

• A simple computer is what is required!

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Payroll software

• Comacc Payroll
• IMS Payroll

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Financial reports

• Financial reports are formal records of a
  business' financial activities.
• These statements provide an overview of a
  business' profitability and financial condition
  in both short and long term.

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Types of Financial reports

• Balance Sheet
• Profit and Loss account
• Statement of retained earnings
• Statement of cash flows

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Purpose of financial statements

• The objective of financial statements is to
  provide information about the financial strength,
  performance and changes in financial position of
  an enterprise that is useful to a wide range of
  users in making economic decisions.
• Financial statements should be understandable,
  relevant, reliable and comparable.
• The reported assets, liabilities and equity are
  directly related to an organization's financial
  position.
• Reported income and expenses are directly related
  to an organization's financial performance.

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Thank you for your co-operation

• I AM NOW OPEN TO QUERIES.