Accting 2503 Accounting Information : Assessment Answers
Answer:
Introduction
Employees are valuable resources in the startup organization in which I work. Self Wealth Limited has thirty employees who spearhead its operations. Their skills and knowledge are about the quality of goods produced and services which Self Wealth Limited gives. They create a cost unit that determines the overall cost to be incurred in running an organization and is only recognized after being used up (Bagdi, 2012, p. 24). The payroll cycle is a stage through the human resource management cycle which runs from recruitment, training, assignment, payroll, human resource evaluation and discharging.In Self Wealth limited, the payroll system gets inputs from the human resource department, the employees, data from other departments, government agencies and other external organizations such as insurance companies. The outputs consist of checks as paychecks for each employee, payroll check that transfers funds to the payroll account from the regular account and the checks that are given to external individuals which are The Australian Tax Office and the insurance firm that covers the employees in our organization.The payroll cycle activities are described below;
1. Update of data on the master payroll
The human resource department provides information on pay rates, new hiring, employee number, and terminations which are done promptly to be reflected on the payroll of the following period. The data on terminated employees is not deleted as it is needed in end of year reports. Tax rates and all deductions are received periodically. Controls to access and segregation of duties check unauthorized changes of data on the master payroll. A regular review is done on all the changes on the master file to ensure that all the data is accurate.2. Validation of attendance data and time
Payment method varies from fixed salary, hour basis and payments on commission and payments are calculated through an external link to the revenue system (Perry J, 2011, p. 224). Touch-tone telephone logs and electronic card readers are used to verify this data. The accuracy of data on attendance and time is controlled through segregation or duties3. Preparation of the payroll
Data on hours worked is provided by the human resource department and payment rates obtained from the payroll master file and verified by the human resource manager. Gross amount is calculated for each category of workers. Deductions are made on the total values to get the net payments which are now updated to the master payroll (Bagdi, 2012, p. 52). Yearly cumulative totals are kept as social security deductions decline with time and for tax reports. Supervisory control keeps this process in check.4. Disbursement of payroll
Payments are made through direct deposit and review made by accounts payable for approval. Authorization is then done by use of payments voucher. Control is done through bank reconciliation, and this is the reason for separate accounts.5. Payroll taxes
Self Wealth Limited pays federal tax and medical care tax together with social securities. Employee voluntary deductions for union membership, savings, and retirement contributions are also withheld and their payments made to the respective organizations (Gul F, Fung S, 2014, p. 63).In conclusion, Self Wealth has put in place the necessary controls to manage payments, intercept errors and unsupervised changes in the records.Bibliography
Bagdi, S., 2012. Practical Human Resource Information Systems. 1st ed. Delhi: PHI Learning Pvt. Ltd.
Gul F,Fung S, 2014. Auditing: Economic Theory & Practice. 3rd ed. Hong Kong: City University of HK Press.
Perry J, 2011. Building Accounting Systems Using Access 2010. 8th ed. Boston: Cengage Learning.
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