Example: Payroll Journal Entry
This example of a Payroll Cycle Journal is based on a simple payroll:
Employee: Home Company = 1, Home Business Unit = 25, Union = 1000
Time Card: January 28, 1998 (Pay Code 001) 1,000 USD
Payroll Taxes and Insurance (P.T.I.): FICA (Tax Type D & E) 70 USD
Payroll Taxes and Insurance (P.T.I.): UIC (Tax Type CC & CD) 70 USD
Deductions: Savings Bond (Ded Code 2000) 50 USD
Benefits: Union 1000 (Ben Code 6000) 30 USD
Payment Date: February 5, 1998
This table lists examples of the journal entries:
Date |
Account |
Description |
DR |
CR |
|---|---|---|---|---|
01/28/98 |
1.4205 |
Wages Payable |
Blank |
1000 |
01/28/98 |
25.8115 |
Labor Expenses |
1000 |
Blank |
Blank |
Blank |
TOTALS |
1000 |
1000 |
This table lists examples of the actual burden journal entries:
Date |
Account |
Description |
DR |
CR |
|---|---|---|---|---|
01/28/98 |
25.8146 |
Union Fringe |
30 |
Blank |
01/28/98 |
25.8135 |
FICA Burden |
70 |
Blank |
01/28/98 |
25.8135 |
UIC Burden |
70 |
Blank |
01/28/98 |
1.4333.FR |
Burden Clearing - Fringe |
Blank |
30 |
01/28/98 |
1.4333.TX |
Burden Clearing - Tax |
Blank |
140 |
Blank |
Blank |
TOTALS |
170 |
170 |
This table lists examples of the disbursement journal entries:
Date |
Account |
Description |
DR |
CR |
|---|---|---|---|---|
02/05/98 |
1.4205 |
Wages Payable |
1000 |
Blank |
02/05/98 |
1.1110.PAY |
Cash in Bank |
Blank |
880 |
02/05/98 |
1.4316 |
Savings Bonds |
Blank |
50 |
02/05/98 |
1.4332 |
Union Fringe |
Blank |
30 |
02/05/98 |
1.4212.EE |
FICA Employee |
Blank |
70 |
02/05/98 |
1.4212.ER |
FICA Employer |
Blank |
70 |
02/05/98 |
1.4212.EE |
UIC Employee |
Blank |
70 |
02/05/98 |
1.4212.ER |
UIC Employer |
Blank |
70 |
02/05/98 |
1.4333.FR |
Burden Clearing - Fringe |
30 |
Blank |
02/05/98 |
1.4333.TX |
Burden Clearing - Tax |
70 |
Blank |
Blank |
Blank |
TOTALS |
1100 |
1100 |