payroll accounting 2017 8

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November 15

Compute the pay for each employee. Update the Employee Earning record for the period’s pay and the new YTD amount. Employee pay will be disbursed on November 18, 2016. Any hours exceeding 88 during this pay period are considered overtime for nonexempt employees. Remember that the employees are paid semimonthly.

  • Complete the Employee Gross Pay tab.
  • Complete the Payroll Register for November 15.
  • You must update the Employee Earning Record Forms for each employee with the ending YTD amounts from October 31 (the prior pay period) in the “Prior Period YTD” rows. Amounts from the current period are auto-populated from the Payroll Register on the row for November 15.
  • Complete the General Journal entries for the November 15 payroll.
  • Update the General Ledger with the ending ledger balances from the October 31 pay period ledger accounts first, and then post the journal entries from the current period to the General Ledger.

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