Payroll Accounting

Payroll Accounting Course / Payroll Training Course

Employers in Canada, whether it be a small business like sole proprietor or shareholder Corporation or medium or large sized companies, who pays salaries to their employees are required to prepare, manage and control its payroll / payroll accounting on a regular basis.

In-house Payroll Accounting: Big Companies employs Payroll accountants within their organizations who is responsible and manages the payroll of the company whereas in case of the small organizations, their HR Team or Accounts team generally handles the work related to Payroll Accounting.

Outsourcing Payroll: Apart from ‘within company’ / ‘in-house’ payroll management, some companies / organizations outsource the payroll work to some outside agencies like Accounting Firms or other Payroll management organizations. The Professional Accountants / Payroll management organizations in turn hire the employees who have good knowledge of the payroll processing / accounting.

Pre-requisite of Employers: Every employer who employs employees and pays salaries to their employees is required to obtain registration for its Business a Payroll Account number.

The Payroll Account number is a exclusive fifteen (15) characters number which contains your 9 digit Business number and then followed by ‘RP’ and four (4) digits of your reference number.

Deductions from Employee Salaries and other Payments:

Every Employer whom hires employees for its business has a duty to make necessary deductions from the payment of payroll to its employees like Fed income Tax, Provincial Tax, Canada Pension Plan (CPP) contribution and Employee Insurance premium (EI) premiums. In addition to deductions from employee’s payroll, the employer is also responsible to contribute its part also towards the Canada Pension Plan (CPP) and Employment Insurance (EI). Such deductions from the payroll of the employee as well as the employer’s own share of CPP and EI must be remitted to the Canada Revenue Agency (CRA), within the time lines as laid down for every category of employers.

Hands on Payroll Training under different Scenarios:-

Our Payroll training primarily imparted as a Hands on payroll accounting training. The training is provided using the QuickBooks Payroll software.

1. Setup employee data
2. Setup Employer Data
3. Linking of Payroll with automatic Accounting entries in QuickBooks
4. Input Data – Weekly / Bi-monthly / Monthly wage rate
5. Input Data – Incoming and outgoing data records
6. Payroll Processing
7. Auto payment of Employee and Employer deductions
8. Paystubs generation
9. Payroll Reports Generation – Pay-cycle Payrolls / Monthly payroll and other Payroll related MIS Reports

Besides the ‘Hands on training’ covering the above major steps, the training program shall also covers the PowerPoint presentations which includes the various topics like Employee’s deductions, Employer’s contributions, Rates and calculations of Deductions like Federal Tax, Provincial Tax, CPP, EI etc