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 companys 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

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

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
Superannuation Payable (Liability)	Payment of superannuation	Decreases the liability	Business > Super Payments

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