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Payroll monthly review

Preparing for Payroll Review

Confirm the start and end dates for the payroll month.

Gather all necessary payroll documentation, including timesheets, attendance records, and any relevant employee changes.

Ensure all employee data, such as personal information, job titles, and wage rates, is up to date and accurate.

Verify that all necessary deductions and taxes are correctly set up in the payroll system.

Review any new or updated payroll laws or regulations that may affect the payroll process.

Reviewing Employee Data

Verify if all employees' hours worked and time off requests are accurately recorded.

Check for any discrepancies or errors in employee pay rates, bonuses, overtime, or commissions.

Review any changes in employee status, such as new hires, terminations, promotions, or transfers, and ensure they are properly reflected in the payroll records.

Confirm that employee benefits, such as health insurance, retirement contributions, and voluntary deductions, are accurately deducted and recorded.

Calculating Gross Pay

Calculate gross pay for each employee based on their hourly rate, salary, or commission structure.

Review and verify any additional payments or reimbursements, such as expense claims or travel allowances.

Confirm that any statutory payments, such as holiday or sick leave, are accurately calculated and included in the gross pay.

Deductions and Taxes

Ensure that all mandatory deductions, such as income tax, Social Security, Medicare, and wage garnishments, are accurately withheld from employees' pay.

Review voluntary deductions, such as retirement contributions, health insurance premiums, or flexible spending account deductions, and ensure they are correctly recorded.

Verify that all payroll taxes, including employer contributions, are accurately calculated, withheld, and remitted to the appropriate authorities.

Final Review and Reporting

Double-check all calculations and totals to ensure accuracy.

Run payroll reports, such as payroll registers, tax summaries, and employee earnings statements.

Reconcile payroll reports with general ledger accounts and other financial records.

Prepare any necessary payroll-related reports, such as payroll journal entries or labor cost analysis.

Review all payroll records for compliance with company policies, labor laws, and regulations.

Obtain necessary approvals and sign-off on the payroll before processing.

Post-Payroll Processing

Distribute employee pay stubs or direct deposit statements.

Remit payroll taxes and deductions to the appropriate authorities within the required timelines.

Retain copies of all payroll documentation for record-keeping and audit purposes.

Address and resolve any payroll-related inquiries, discrepancies, or complaints from employees.

Conduct a post-payroll review to identify any areas for improvement or process streamlining.

Note: This checklist serves as a general guideline and may need to be customized based on the specific requirements and processes of the Human Resources organization.

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