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Payroll journal

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Definition of Payroll journal

Payroll Journal Image 1

Payroll journal

A journal used to record the payroll of a company.



Related Terms:

Cash receipts journal

A journal used to record the transactions that result in a debit to cash.


Journal entry

The formal accounting entry used to identify a business transaction. The
entry itemizes accounts that are debited and credited, and should include some
description of the reason for the entry.


Journalizing

The process of taking a transaction and putting it into a form that allows it to be recorded in the accounting records.


Payroll Cycle

The period of service for which a company compensates its employees.


Payroll expense

The amount paid to employees for services rendered; synonymous with salary expense and wage expense.



Payroll Register

A report on which is summarized the wage and deduction information
for employees for a specific payroll.


Payroll Stabilization

This calculation is used by states to determine the unemployment
contribution rate to charge employers and links the contribution rate
to fluctuations in a company’s total payroll over time.


Payroll Journal Image 2

Payroll tax expense

The amount of tax associated with salaries that an employer pays to governments (federal, state, and local).


Payroll taxes payable

The amount of payroll taxes owed to the various governments at the end of a period.


Purchases journal

A journal used to record the transactions that result in a credit to accounts payable.


Sales journal

A journal used to record the transactions that result in a credit to sales.


Specialized journals

journals that are used to aid in segregating duties and making the accounting function efficient.



 

 

 

 

 

 

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