Payroll Reconciliation Report
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.
