Payroll and Bookkeeping – Payroll accounting is basically the measurement, administration, documentation and review of the remuneration of workers. In addition, payroll accounting also involves reconciling benefits and withholding taxes and deductions on wages. The measurement of payrolls is strongly affected by the legal requirements of each country (it can also depend on the requirements of the state or local city).
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Payroll expenses are related to the duties (expenditures) incurred by the employer. They shall finance wages paid to employees for their direct labour, or as a result of compulsory benefits as specified in the legal requirements.
The sum of all the principles set out above represents the accumulated cost of having an employee on the payroll.
According to accounting standards, all accumulated expenditures shall comply with the corresponding concept. The matching theory states that all expenditures must be balanced during the time when all relevant profits are registered (does not depend on the date of payment). For example, if the employee is hired on the first day of December but paid on the first week of January, the employee’s work-related cost must be remembered in December.
Note: Compensation for workers’ jobs is not always regarded as an expense. For example, if workers are engaged in the manufacture of a product or asset, the compensation (including provisions) should be registered as the cost of producing a product (inventory) or an asset and accepted as an expenditure when the inventory is sold (by selling costs) or the asset is used (by amortization).
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