Complete the payroll process for Wayland Custom Woodworking's fourth quarter pay periods. Please note that for pay
Question:
Complete the payroll process for Wayland Custom Woodworking's fourth quarter pay periods. Please note that for pay periods after October 15, you must carry the current ending year to date (YTD) amounts as they appear from the prior pay period from each employee's Employee Earnings Records form (EERF) to the rows titled "Prior Period YTD". Amounts from the current pay period will be auto-populated to the employee EERFs once you complete the payroll register, and will be combined with the prior period YTD amounts to determine the new current ending YTD amounts.
For example, if the year to date gross pay for Anthony Chinson is $5,000 after the October 31 pay period, you would take this amount and add it to the appropriate input box for gross pay on the "Prior Period YTD" row for their November 15 EERF.
Additionally, you must carry the ending balance from each account in the prior period General Ledger to the following period's General Ledger to the input boxes titled "Ending account balance from the prior period" before posting the payroll journal entries from the current period to the Ledger.
For additional instructions on how to carry information from one pay period to another, along with a guided walkthrough example of this process, refer to the project user guide in the project information section above.
October | ||||||
Sunday | Monday | Tuesday | Wednesday | Thursday | Friday | Saturday |
---|---|---|---|---|---|---|
1 | 2 | 3 | ||||
4 | 5 | 6 | 7 | 8 | 9 | 10 |
11 | 12 | 13 | 14 | 15 | 16 | 17 |
18 | 19 | 20 | 21 | 22 | 23 | 24 |
25 | 26 | 27 | 28 | 29 | 30 | 31 |
November | ||||||
Sunday | Monday | Tuesday | Wednesday | Thursday | Friday | Saturday |
---|---|---|---|---|---|---|
1 | 2 | 3 | 4 | 5 | 6 | 7 |
8 | 9 | 10 | 11 | 12 | 13 | 14 |
15 | 16 | 17 | 18 | 19 | 20 | 21 |
22 | 23 | 24 | 25 | 26 | 27 | 28 |
29 | 30 |
December | ||||||
Sunday | Monday | Tuesday | Wednesday | Thursday | Friday | Saturday |
---|---|---|---|---|---|---|
1 | 2 | 4 | 5 | 6 | ||
7 | 8 | 9 | 10 | 11 | 12 | 13 |
14 | 15 | 16 | 17 | 18 | 19 | 20 |
21 | 22 | 23 | 24 | 25 | 26 | 27 |
28 | 29 | 30 | 31 |
No employee has additional information in Step 4 of their W-4s, all W-4s were received in 2020, no box 2c has been checked. Refer page 5 of publication 15-T
October 15
October 15 is the end of the first pay period for the month of October. Employee pay will be disbursed on October 19, 2020. Any time worked in excess of 88 hours during this pay period is considered overtime for nonexempt employees. Remember that the employees are paid on a semimonthly basis.
- Complete the Employee Gross Pay tab.
- Complete the Payroll Register for October 15.
- Refer to the Employee Earnings Record Forms for each employee for the current YTD amounts after you have completed the October 15 Payroll Register. Amounts from the current period are auto-populated from the Payroll Register.
- Complete the General Journal entries for the October 15 payroll.
- Post the journal entries to the General Ledger.