Free Payroll Reconciliation Report

Streamline your payroll management with the Payroll Reconciliation Report Template from Template.net. Fully customizable and editable, this template ensures accuracy and efficiency in tracking payroll data. Editable in our Ai Editor Tool, you can effortlessly tailor it to meet your unique business needs. Save time and maintain accuracy with this indispensable payroll solution.

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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