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Step 1: Review Payroll Excel Template Edit for Your Business. Step 2: Set Up Payroll Information for Each Employee. Step 3: Set Up Employer Payroll Tax Information. Step 4: Enter Hours Worked Other Income Details. Step 5: Review Automatic Payroll Calculations. Step 6: Pay Your Employees.
A payroll ledger acts as a bridge between detailed employee compensation records and the general ledger. When transactions are recorded in the payroll ledger including gross wages, deductions, and net pay these figures are summarized and transferred to the general ledger.
In essence, the payroll journal entry records the financial impact of payroll on the companys overall accounting system, while the payroll ledger offers a detailed view of payroll transactions for internal management and reporting purposes.
How do you make a payroll ledger? Determine the information to be tracked employee names, pay rates, hours worked, etc. Divide the ledger ingly with columns for each data set. Create an accounts payable and receivable section for business-to-business transactions. Add columns as needed for new data sets.
How To Complete a Payroll Register Enter the employees name. Enter the pay period information (start date, end date, and pay date). Record the number of hours worked (including PTO or paid sick days if the employee used those during this period). Enter your employees pay rate.
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Also Excel offers various general ledger templates that can be used to track financial transactions. These can be found within Excels template gallery.

free payroll ledger