PART C Report on Payroll Activities [see next page] Task 13: Using your Payroll Checklist, reconcile wages, deductions and superannuation for the year. [see attached] You will also have to reconcile the superannuation and donations for June. Print the appropriate reports and write the reconciliations on the reports or on your Checklist. Identify and number your printed reports. STUDENTS ARE EXPECTED TO FOLLOW THEIR OWN CHECKLIST, HOWEVER THERE IS A CHECKLIST IN THE TEXT AND I WOULD EXPECT THE STUDENT TO ADAPT THIS CHECKLIST and print the reports on the following page.
Task 13 Payroll Reconciliation Reconciles with Payroll Activity Summary for year. This report pulls out the amount of Car Allowance for the year not disclosed in W1 and shown as a separate item on Payment Summaries.
Superannuation reconciles with Payroll reports. Gross Wages in P & L = $33,730.72 + $69.60 + $33,800.32 Gross Wages in Payroll Summary = $33,400.32. [THERE IS A $400 ERROR TO BE FIXED]
Reconciliations for June: Super Payable = $643.06 [Payroll reports are 603.06 + 10 = 613.06. Look in the Super Payable account and you will see that March and April Additional super have not been paid must be added to June payment. Greenpeace Donation reconciles. PAYG Withholding $1,473.00 reconciles with the tax for June above.
Payroll Checklist for the year Print Payroll Register [Summary] for the period. Display and compare the Payroll Activity Summary [from paycheques] with Payroll Register Summary [from Pay History on card] for the period. Do the totals reconcile? YES If not, opening balances in Pay History could have been added or someone has changed the payroll amounts in the Pay History. Print Payroll Summary [to list allowances etc] for the period. Print Profit and Loss for the period. Print Balance Sheet at the end of the period. Reconcile Gross Wages in Payroll Summary with Wage Accounts in the Profit and Loss. [check for pays entered in Spend Money and Journal entries]. Gross Wages in Profit and Loss: $33,730.72 plus $69.60 = $33,800.32 [-400] Gross Wages in Payroll Summary: $33,400.32 [Error of $400 found in a/c] Reconcile Superannuation in Payroll Summary with Superannuation Expense in the Profit and Loss. Superannuation amount for year: $2,877.36 reconciles] Reconcile Tax and Superannuation in the Payroll Summary with PAYG Withholding and Superannuation Payable in the Balance Sheet. PAYG Withholding amount for June: $1473 reconciles with Balance Sheet Superannuation amount for June: $603.06 [$10 owing for June] Superannuation Payable amount: for June: $643.06 [$30 error super not paid] Reconcile Donations in the Payroll Summary with Donations Payable in the Balance Sheet. Donation amount: $15.00 - reconciles If amounts do not reconcile, donation payments in the past may not be accurate.
Floranda Flowers Pty Ltd - Task 11 t/a Floranda Flowers MS 25 ELSEWHERE QLD 4997 Balance Sheet 31/10/2008 8:50:21 PM As of June 2009 Assets Current Assets NAB Cheque A/c $46,153.69 Petty Cash $100.00 Cash on Hand $10.00 Trade Debtors $65,000.00 Total Current Assets $111,263.69 Non-Current Assets Land at Cost $550,000.00 Plant and Equipment Plant and Equipment at Cost $191,363.64 Plant and Equipment Accum Dep -$100,000.00 Total Plant and Equipment $91,363.64 Motor Vehicles Motor Vehicles at Cost $217,963.64 Motor Vehicles Accum Dep -$23,000.00 Total Motor Vehicles $194,963.64 Buildings Buildings at Cost $58,000.00 Buildings Accum Dep -$28,000.00 Total Buildings $30,000.00 Rental House Rental House $180,000.00 Rent House Furniture/fittings $20,000.00 Rental House Accum Dep -$10,000.00 Total Rental House $190,000.00 Total Non-Current Assets $1,056,327.28 Intangible Assets Borrowing Costs $531.30 Formation Costs $2,000.00 Total Intangible Assets $2,531.30 Total Assets $1,170,122.27 Liabilities Current Liabilities Trade Creditors $13,401.00 GST Liabilities GST Collected $11,281.82 GST Paid -$7,385.28 Fuel Tax Credits Claimable -$572.00 Voluntary Withholdings Payable $260.00 ABN Withholding Payable $186.00 Total GST Liabilities $3,770.54 Payroll Liabilities Superannuation Payable $643.06 PAYG Withholdings Payable $1,473.00 Greenpeace Donations Payable $15.00 Total Payroll Liabilities $2,131.06 Provision for Income Tax -$483.00 Director's Loans -$151.80 Total Current Liabilities $18,667.80 Non-Current Liabilities Bank Loan $597,000.00 Finance Company - Landcruiser $73,044.48 less Unexpired Charges -$6,995.88 Total Non-Current Liabilities $663,048.60 Total Liabilities $681,716.40 Net Assets $488,405.87