Key Pay is not an accounting package, but it generates information which is needed to produce accurate
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Question:
Key Pay is not an accounting package, but it generates information which is needed to produce accurate and timely accounting reports. Complete the below table to outline how the payroll system processes impact the operation and maintenance of the company’s accounts.
- List four General Ledger accounts that you expect would be impacted by transactions recorded in KeyPay.
- For each account listed, identify one or two transactions or payroll activities which would impact the account.
- For each transaction or payroll activity identified, state how that transaction impacts the General Ledger account.
- For each transaction or payroll activity identified, outline how the transaction or activity could be recorded in KeyPay.
- One has been completed for you as an example.
(a) | (b) | (c) | (d) |
General Ledger Account | Payroll Transaction or Activity | Impact on General Ledger Account | Recording Procedure in Key Pay |
Superannuation Payable (Liability) | Payment of wages | Increases the liability | Pay Runs > New Pay Run |
Payment of superannuation | Decreases the liability | Business > Super Payments | |
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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