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208 / Accounting for Payroll
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Exhibit 131
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Wage Accrual Calculation Spreadsheet
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Wage Accrual Spreadsheet Note: Hourly personnel are paid through the Sunday prior to the payroll date Unpaid Business Days in Month 5 5 5 5 5 5 Amount $ 3,80600 $ 23597 $ 4,04197
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Hourly Full Time Personnel: Barlow, Cindy Davis, Humphrey Dunning, Mortimer Guthrie, James Hortense, Alice Innsbruck, Ingmar Journal Entry Wage Accrual FICA Accrual Total Accrual
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Pay Rate per Hour $ $ $ $ $ $ 1550 1500 1600 1815 1550 1500
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Pay Accrual $ 62000 $ 60000 $ 64000 $ 72600 $ 62000 $ 60000
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A sample of the transaction is: Debit Direct labor expense [Salaries itemize by department] Accrued salaries Accrued payroll taxes xxx xxx xxx xxx Credit
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This entry should be reversed in the following accounting period, when the unpaid time will be included in the next payroll Companies with predominantly salaried staffs frequently avoid making this entry, on the grounds that the wages due to a small number of hourly personnel at the end of the reporting period will have a minimal impact on reported financial results The information for this entry is most easily derived from an electronic spreadsheet that itemizes all employees to whom the calculation applies, the number of unpaid days, and the standard rate of pay for each person It is generally not necessary to also compile actual or estimated overtime costs for the unpaid days, partially because the timekeeping system may not readily accumulate this information for the last few days of the reporting period, and partially because it may require an excessive amount of effort to calculate this additional cost
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Payroll Journal Entries / 209
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Transfer to General Ledger from Payroll Journal Entry3
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Create an entry to transfer information to the general ledger for an entire payroll when the accounting system does not automatically perform this chore itself, or if the payroll information is derived from a separate payroll system This entry should not be for individual employees, but rather in sum total for the entire set of employees paid through a payroll transaction For example, a company has purchased a separate payroll processing software package and must transfer the payroll expense and liability information from this package to the general ledger module of its accounting software A sample of the transaction is as follows: Debit Direct labor expense (Salaries itemize by department) Cash Federal withholding taxes payable Social Security withholding taxes payable Medicare withholding taxes payable Federal unemployment taxes payable State withholding taxes payable State unemployment taxes payable Garnishments payable Union dues payable xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx Credit
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The information needed for this entry will be acquired from different fields on different reports, depending on the system used to process the payroll If the source of this information is unclear, try to create a custom report within the payroll processing system, or perhaps with a third-party report-writing package, such as Crystal Reports, that will clearly lay out the information that must be included in the journal entry
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Vacation Accrual Journal Entry4
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Create an entry to accrue vacation pay earned by employees but not yet used by them, subject to any year-end maximum vacation carry-forward limitation The same entry can be used to record accrued sick time For example, one can itemize the vacation time earned for each employee, subtract out all vacation time already used, and multiply the remaining amount by the hourly pay of each person An example of this calculation is shown in Exhibit 132 The exhibit shows a list of employees, their annualized pay rates, and the maximum amounts of vacation that each one is allowed to carry forward into the next year The spreadsheet solves for a vacation accrual that matches the maximum allowable vacation time at year-end,
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210 / Accounting for Payroll
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Exhibit 132 Vacation Accrual
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Vacation Accrual Calculation
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6 Months to Date in Year Annualized Salary $32,240 $51,039 $200,000 $46,200 $31,200 $33,280 $42,400 $53,000 $37,752 $80,250 $76,000 $57,500 $100,000 $46,824 $80,000 $50,000 $49,920 $60,000 $47,700 Maximum Hours 80 80 80 80 80 80 80 80 80 80 40 40 40 40 40 40 40 40 40 Maximum Accrual YTD Accrual
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Name Barlowe, Cindy Bosley, Sandra Caraway, Lisa Chantilly, Edward Davis, Humphrey Dunning, Mortimer Dunwiddy, Alexandra Greenstreet, James Guthrie, James Halverston, Eric Johnson, Noyes Montrose, Wesley Mortimer, Victoria Penway, Alice Quarterstaff, Molly Rosencrantz, Albert Saunders, Ricardo Von Gundle, Gerta Zeta, Xavier
YTD accrual through last month: Required entry for this month: Journal Entry Accrued vacation expense Vacations payable Acct No 62150 22700 Amount $1,116 $1,116
$1,240 $620 $1,963 $982 $7,692 $3,846 $1,777 $888 $1,200 $600 $1,280 $640 $1,631 $815 $2,038 $1,019 $1,452 $726 $3,087 $1,543 $1,462 $731 $1,106 $553 $1,923 $962 $900 $450 $1,538 $769 $962 $481 $960 $480 $1,154 $577 $917 $459 $34,282 $17,141 $16,025 $1,116
which is the annual pay rate divided by 2,080 working hours per year and multiplied by the maximum number of carry-forward hours The accrual is then reduced by the proportion of months that have thus far occurred in the year (six months in the example), resulting in a required vacation accrual in the example of $17,141 through the first six months of the year The spreadsheet then subtracts the accrual that was already made earlier in the year to arrive at a required entry for the month of $1,116, which is then listed in a suggested journal entry format at the bottom of the page The vacation accrual calculation used in Exhibit 132 assumes that one is gradually building the vacation accrual to be at the correct level at the end of the year, presumably for external reporting purposes If the vacation accrual going into the year is already fully recognized, then for future calculations, one simply solves for the maximum number of carry-forward hours without regard to the proportional
Payroll Journal Entries / 211
calculation in the final column and makes smaller incremental adjustments to match the vacation accrual to the total assumed year-end vacation accrual An example of the resulting journal entry is: Debit Payroll taxes (Salaries itemize by department) Accrued salaries Accrued payroll taxes xxx xxx xxx xxx Credit
This entry should not be reversed in the following accounting period, since the vacation time may not be used in the following period Instead, recalculate the vacation accrual in Exhibit 142 for the next period, and incrementally adjust the total amount of vacation accrued in the next period to match the calculated total vacation accrual For example, if the accrued vacation expense at the end of January is $10,000 and the calculation in Exhibit 142 results in a total vacation accrual of $12,000 as of the end of February, then the February entry should be for the difference between the two months, or $2,000