What is a Payroll Register? Simply described, it’s each employee’s paycheck records given separately, as well as the total of employee earnings and deductions. The payroll register is important for weekly checks on the payroll process as well as monthly or quarterly third-party reporting. Fortunately, you should be able to locate this information quickly in your software.
Your software may give the report a different name. Before you submit for the period, some applications simply display all of the payroll information on a check screen.
Many of you don’t know what payroll register is and for what purpose we use it. In this article, we will discuss in detail what is a payroll register
What does a payroll register contain?
You must keep track of the following totals for all employees:
- Total gross earnings, total Social Security (up to the annual maximum for each employee), and total Medicare earnings.
- Totals of federal, state, and local income taxes taken from employee pay
- Totals withheld for employee social security and Medicare contributions Totals withheld for all voluntary donations, such as charitable giving, union dues, and others
- You must also set aside a sum equal to the entire Social Security and Medicare deductions.
What is the purpose of a payroll Register?
Payroll involves a lot of moving pieces that need to be tracked, even for the simplest businesses. A payroll register is a practical answer to this problem; every time you pay or adjust an employee’s wages, the data is gathered and stored in a payroll register for record-keeping purposes.
The payroll register can then divide it into numerous pieces. You may think of it as a chequebook in its most basic form; it will balance all of the wages paid out each pay period, federal and state tax bills, and other line items on employee checks.
It also saves any relevant data totaled by your payroll software. Paid time off, sick days, and deductions are all included. Similarly, the payroll register allows you to examine a single payment for a single employee or a single pay period for a group of employees. It’s the first line of defence against accounting errors and any distributions.
How to use a payroll register
Payroll registers are crucial to my firm since they detail my employees’ working hours, gross and net pay, deductions, and pay period dates. Our accounting team will find it much easier to handle our company’s finances with this information.
The payroll register can provide rapid information at a glance when disposing of tax payments and filing tax returns. It’s also worth noting that payroll registers are the most accurate in terms of employee pay information, and when combined with accounting software, they may make the process much easier and less expensive.”
The register can show you how much money you’ll need to set away for certain payments, such as Social Security and Medicare taxes paid by your employer. Because the employee portions of Social Security and Medicare taxes (in most situations) match the employer portions, determining the employer portion is simple. Seeing how much money you need to set away can assist you to avoid wasting it on other things.
You can use your register to deposit and file your taxes in the same way. Simply select the time period for which you are responsible for payroll taxes and use the totals to calculate the amount you must deposit or file. You can utilise another report to get totals if your report does not include the employer component of the taxes. Alternatively, you can do the maths by hand, using your state and federal unemployment tax rates.
You can also reconcile your payroll accounting by using the totals on the payroll register. If a number doesn’t add up, go back through your payroll records to figure out what’s going on.
For each pay period, you should print a payroll register. If you’re doing monthly or quarterly reporting, however, your software (or spreadsheet, if you’re a glutton for punishment) should allow you to change the report’s time frame.
A typical register begins with information about each employee, such as their name, SSN, birthdate, and employee number. The payroll information for each employee are then displayed, beginning with the payroll information that employers are required to have on file by federal law.
Keep in mind that the FLSA does not mandate the use of a specific recordkeeping form. So, you can produce a register to supply the information, if necessary. Basic payroll register templates are available online or can be produced using Excel. Most office supply businesses now sell books that are specifically designed for keeping track of salary information.
What is the payroll journal?
All payroll transactions are recorded in payroll journals. This information is also represented in the general ledger’s summary level entries. Accountants generally turn to the payroll journal rather than the general ledger when precise payroll details are required, such as during an audit.
What is the purpose of a payroll register?
This allows for easy tracking of gross salary and deductions throughout the year. The payroll register is used by bookkeepers to not only write payroll checks, but also to prepare quarterly payroll reports and make tax payments to the state and federal governments.
In your company, how do you use the payroll register?
Simply described, it’s each employee’s payback records given separately, as well as the total of employee earnings and deductions. The payroll register is important for weekly checks on the payroll process as well as monthly or quarterly third-party reporting.