UBS

Payroll Reconciliation

What is Payroll Reconciliation?

Payroll reconciliation is a verifying process of salary that was paid to employees was accurate or not. In this process, whether the taxes to the Govt. were paid, reported correctly, and proper accounting of payroll was done should be checked.

It is the process of checking payroll transactions and comparing the current payroll to the prior month in order to ensure that payroll is computed correctly and without errors. This process helps to maintain a company’s financial health by keeping accounting and reporting accurate and error-free.

  • It is a good practice to do payroll reconciliation at least 2 days before the actual salary processing so that you can catch any errors and correct them before payroll processing.
  • Payroll reconciliation is done on a periodic basis mostly quarterly or yearly to check and correct mistakes in past payments.
  • Payroll reconciliation includes activities like validating “In”  and “Out”  tome records of employees in payroll software.   
  • It’s assured that the right amount of salary is computed for each employee with basic salary, deductions, variables, etc.

These details must be correct during Payroll Reconciliation process:

  • Number of hours worked
  • Number of hours calculated
  • Over time
  • Leaves
  • Deductions
  • Wages

Also, See: Payroll Outsourcing

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