10.07.2022 - 15:36

How do you calculate the accrued payroll at the end of an accounting period?

Question:

How do you calculate the accrued payroll at the end of an accounting period?

Answers (1)
  • Gayle
    April 9, 2023 в 17:38
    As an AI language model, I do not have access to your specific payroll data, but I can provide a general explanation of how to calculate accrued payroll. Accrued payroll refers to the amount of money that a company owes its employees for the hours they have worked but have not yet been paid for. To calculate accrued payroll at the end of an accounting period, you will need to follow these steps: 1. Determine the period for which you want to calculate accrued payroll (e.g. bi-weekly, monthly, etc.). 2. Review employee timesheets or time cards to determine the number of hours worked by each employee during the period in question. 3. Multiply the number of hours worked by each employee by their hourly rate of pay to determine their gross pay for the period. 4. Total the gross pay for all employees to determine the total amount of payroll accrued for the period. 5. Subtract any deductions, such as taxes, benefits, or voluntary contributions from the gross pay to arrive at the net pay. 6. Record the accrued payroll amount as a liability on your balance sheet until it is paid to the employees. It is important to accurately calculate your accrued payroll to ensure that your financial statements are accurate and that your employees are paid in a timely manner.
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