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Payroll monthly review

Employee Information

Confirm that all employee information is accurate and up to date.

Verify employee details such as name, address, social security number, and tax filing status.

Review any changes made to employee records during the month.

Timekeeping and Attendance

Ensure all employees have accurately recorded their working hours.

Review and validate any overtime, vacation, sick leave, or other time-off requests.

Check for any discrepancies or inconsistencies in timekeeping records.

Payroll Processing

Confirm that all payroll calculations and deductions have been accurately processed.

Review payroll reports to ensure proper classification of wages, allowances, and bonuses.

Verify that payroll taxes, including federal, state, and local taxes, have been calculated correctly.

Benefits and Deductions

Validate all employee benefit and deduction calculations, such as healthcare premiums, retirement contributions, and loan repayments.

Confirm that any changes to employee benefits or deductions have been accurately reflected in the payroll.

Compliance and Legal Requirements

Ensure compliance with applicable employment laws and regulations, such as minimum wage laws, overtime rules, and tax withholding requirements.

Review any required filings or reports, such as state unemployment insurance or workers' compensation forms.

Reconciliation and Balancing

Reconcile payroll reports with general ledger accounts to ensure accuracy.

Verify that all payroll liabilities, including taxes, benefits, and garnishments, have been properly recorded and paid.

Review bank statements to reconcile payroll deposits and ensure timely payment of employee wages.

Documentation and Recordkeeping

Maintain proper documentation of payroll processing, including timesheets, pay stubs, and payroll reports.

Organize and retain payroll records in accordance with legal and organizational requirements.

Communication and Reporting

Communicate payroll-related information to employees, such as pay dates, deductions, and tax updates.

Prepare and distribute payroll reports to management, accounting, and other relevant stakeholders.

Audit and Review

Conduct periodic audits of payroll processes and controls to identify any potential errors, fraud, or non-compliance.

Review any payroll-related discrepancies or complaints and take appropriate action to resolve them.

Continuous Improvement

Identify areas for process improvement and automation to streamline payroll operations.

Stay updated with changes in payroll regulations and best practices to ensure compliance and efficiency.

Note: This checklist is a general guide and may vary based on the specific requirements and policies of each organization. It is recommended to consult with your HR and payroll team to customize the checklist accordingly.

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