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Payroll monthly review

Employee Data Verification

Review employee information for accuracy, including names, addresses, and contact details

Ensure all new hires and terminations are properly recorded and reflected in the payroll system

Verify employee classifications, job titles, and pay rates

Confirm that the appropriate taxes are being withheld from each employee’s paycheck

Ensure the correct deductions are being taken from each employee’s paycheck

Verify that employees are enrolled in the correct benefit plans

Confirm that employee’s direct deposit information is correct

Review employee’s garnishments and deductions

Verify that all salary and wage information is accurate

Time and Attendance Accuracy

Validate time and attendance records for accuracy and completeness

Verify that employee hours are accurately recorded and approved by supervisors

Review any adjustments or corrections made to time and attendance data

Ensure that all overtime hours are accurately recorded and approved

Confirm that employees are taking required meal and rest breaks

Ensure that all time off is accurately recorded and approved

Verify that employees are not being paid for time not worked

Confirm that employees are taking the correct number of hours for vacation, sick, and other leave

Verify that employees are not working beyond their scheduled hours

Review any discrepancies between time and attendance records and payroll data

Overtime and Leave Balances

Calculate and verify overtime hours worked and ensure proper rates of pay are applied

Review and reconcile leave balances, including vacation, sick leave, and other time-off accruals

Confirm that any leave requests and adjustments are properly documented and processed

Review that all overtime and leave taken was approved and documented by the appropriate manager

Ensure that all overtime and leave balances are accurately reflected in payroll records

Investigate and report any discrepancies in overtime or leave balances

Confirm that any overtime or leave taken is within the employee's allotted hours for the pay period

Verify that employees are taking the required minimum rest periods between shifts

Review that any overtime or leave taken was allocated to the correct cost center or project

Statutory Deductions and Contributions

Check that all required federal, state, and local taxes are accurately withheld from employee wages

Review and reconcile Social Security, Medicare, and other mandatory payroll deductions

Ensure compliance with any other statutory deductions or contributions, such as retirement plans or healthcare benefits

Review and reconcile employee contributions to flexible spending accounts

Verify that employee deductions are correctly calculated and applied

Ensure that all payroll deductions are in line with applicable legal requirements

Confirm that voluntary deductions such as union dues and charitable contributions are correctly applied

Monitor any changes in tax and deduction regulations and adjust payroll processes accordingly

Audit payroll records for any discrepancies related to statutory deductions or contributions

Benefit Deductions and Contributions

Verify that employee benefit deductions, such as health insurance premiums or retirement plan contributions, are accurately calculated

Review and reconcile any employer contributions towards employee benefits

Confirm that any changes or updates to employee benefit elections are properly reflected in the payroll system

Payroll Reports and Financial Reconciliation

Generate and review payroll reports, including earnings statements, tax summaries, and payroll registers

Reconcile payroll data with general ledger accounts and other financial records

Verify that all necessary payroll tax filings and payments have been completed accurately and on time

Review Payroll Errors and Exceptions

Investigate and resolve any payroll errors, discrepancies, or exceptions identified during the review process

Document the nature of the errors, their causes, and the corrective actions taken

Implement process improvements to prevent similar errors from occurring in the future

Record Retention and Compliance

Ensure that all payroll records, including timesheets, pay stubs, tax forms, and related documents, are properly retained according to legal requirements

Review compliance with applicable labor laws, wage regulations, and employment contracts

Maintain confidentiality and data security of payroll information

Communication and Employee Inquiries

Respond to employee inquiries related to payroll, deductions, benefits, or tax-related matters

Communicate any upcoming changes or updates to payroll policies, procedures, or deadlines

Provide timely and accurate information to employees regarding payroll matters

Audit Preparation

Prepare necessary documentation and reports for internal and external audits

Cooperate with auditors and provide requested information in a timely manner

Address any findings or recommendations resulting from the payroll audit

Note: This checklist is a general guideline and may vary depending on the specific requirements and processes of each organization. It is recommended to consult with payroll specialists and legal professionals to ensure compliance with applicable laws and regulations.

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