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INTRODUTION PAYROL SYSTM

INTRODUCTION
In a company, payroll is the sum of all financial records of salaries for an employee,
wages, bonuses and deductions. In accounting, payroll refers to the amount paid to
employees for services they provided during a certain period of time. Payroll plays a
major role in a company for several reasons. From an accounting point of view, payroll is
crucial because payroll and payroll taxes considerably affect the net income of most
companies and they are subject to laws and regulations (e.g. in the U.S. payroll is subject
to federal and state regulations). From ethics in business viewpoint payroll is a critical
department as employees are responsive to payroll errors and irregularities: good
employee morale requires payroll to be paid timely and accurately. The primary mission
of the payroll department is to ensure that all employees are paid accurately and timely
with the correct withholdings and deductions, and to ensure the withholdings and
deductions are remitted in a timely manner. This includes salary payments, tax
withholdings, and deductions from a paycheck

PAY SLIP

A pay stub, paystub, pay slip, pay advice, or sometimes paycheck stub, is a document an
employee receives either as a notice that the direct deposit transaction has gone through,
or as part of their paycheck. It will typically detail the gross income and all taxes and any
other deductions such as retirement plan contributions, insurances, garnishments, or
charitable contributions taken out of the gross amount to arrive at the final net amount of
the pay, also including the year to date totals in some circumstances. Pay slips are labor
analogs of remittance advice letters (which are used for invoices) – they state "you have
been paid X amount (paycheck) for Y services (hours worked)".

Most of the provinces and territories in Canada allow employers to issue electronic
payslips, if the employees have confidential access to it and are able to take a print out.
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An example of a payslip from the John Lewis Partnership, showing gross salary, tax and
National Insurance paid and yearly bonus entitlement, among other things

PAYROLL FREQUENCIES
Companies typically generate their payrolls on regular intervals, for the benefit of regular
income to their employees. The regularity of the intervals, though, varies from company
to company, and sometimes between job grades within a given company. Common
payroll frequencies include: daily, weekly, bi-weekly (once every two weeks), semi-
monthly (twice per month), and to somewhat of a lesser extent, monthly. Less common
payroll frequencies include: 4-weekly (13 times per year), bi-monthly (once every two
months), quarterly (once every 13 weeks), semi-annually (twice per year), and annually
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