Opaido · Wiki · Topic
Accounting
General ledger, payroll journals and the accounting concepts payroll feeds into.
General ledger The general ledger is the complete record of a business's financial transactions, including the payroll journal entries that post salary expense, statutory liabilities and cash movements each pay run.Gross remuneration Gross remuneration is the total of all an employee's earnings before any deductions, the starting figure PAYE, UIF and SDL are all calculated from.Net pay Net pay is the amount an employee actually receives after PAYE, UIF and all other deductions are subtracted from gross remuneration.Payroll journal A payroll journal is the accounting entry that records a pay run's gross pay, deductions and employer costs in the general ledger, splitting cash, liability and expense accounts correctly.
