Payroll Reconciliation Report Template
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PAYROLL RECONCILIATION REPORT
Prepared by: [Your Name], Payroll Department
I. Employee Information
Employee Name | Employee ID | Department | Hire Date |
|---|---|---|---|
John Doe | 12345 | Sales | 2051-01-15 |
Jane Smith | 67890 | Marketing | 2051-03-10 |
Michael Johnson | 54321 | Operations | 2050-11-20 |
Emily Brown | 45678 | HR | 2051-02-05 |
William Lee | 78901 | Finance | 2051-04-15 |
II. Earnings
Employee Name | Gross Salary ($) | Overtime ($) | Bonus ($) |
|---|---|---|---|
John Doe | 4000 | 200 | 500 |
Jane Smith | 3500 | 150 | 300 |
Michael Johnson | 4500 | 250 | 600 |
Emily Brown | 3800 | 180 | 400 |
William Lee | 5000 | 300 | 700 |
III. Deductions
Employee Name | Taxes ($) | Insurance ($) | Other Deductions ($) |
|---|---|---|---|
John Doe | 800 | 100 | 50 |
Jane Smith | 700 | 80 | 40 |
Michael Johnson | 900 | 120 | 60 |
Emily Brown | 750 | 90 | 30 |
William Lee | 1000 | 150 | 70 |
IV. Employer Contributions
Employer Contribution Type | Amount ($) |
|---|---|
Retirement Plan | 300 |
Health Insurance Premiums | 400 |
Social Security | 600 |
Pension Fund | 250 |
Employee Training Fund | 150 |
V. Adjustments
A. Corrections
Adjustment 1: Corrected tax calculation for John Doe due to an updated tax rate affecting the January payroll.
Adjustment 2: Updated insurance deduction for Jane Smith following a change in policy effective from March.
Adjustment 3: Adjusted overtime payment for Michael Johnson based on corrected hours worked in November.
B. Revisions
Revision 1: Updated bonus calculation for John Doe to reflect revised performance metrics for Q1.
Revision 2: Corrected bonus allocation for Jane Smith due to an error in bonus distribution for the March incentive.
Revision 3: Adjusted gross salary for William Lee after a salary review effective April.
C. Rectifications
Rectification 1: Rectified tax withholding error for Emily Brown related to tax exemptions for the February payroll.
Rectification 2: Adjusted insurance premium for William Lee due to a change in coverage starting in April.
Rectification 3: Corrected overtime payment for Michael Johnson after validating timesheets for November.
VI. Reconciliation Summary
A. Payroll Totals
Total Earnings: $65,800
Total Deductions: $10,830
Net Payroll Expenses: $54,970
B. Accounting Records Comparison
Verified payroll transactions against the accounting ledger for accuracy and consistency.
Ensured all entries aligned with financial reporting standards and organizational policies.
C. Compliance Review
Ensured compliance with tax regulations and reporting requirements for all payroll transactions.
Confirmed accuracy of employer contributions to retirement and insurance plans as per statutory obligations.
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