Payroll Processing Checklist ( FINANCE )

This checklist ensures that all steps in the payroll processing are completed accurately and on time, including data collection, calculations, and compliance with regulations.

• Collect Employee Time Sheets

  Gather all employee time sheets for the pay period to ensure accurate hours are recorded.

• Verify Time Sheet Accuracy

  Check that all reported hours are correct and approved by supervisors.

• Calculate Gross Pay

  Calculate the gross pay for each employee based on their hourly rate or salary and the hours worked.

• Deduct Taxes and Other Withholdings

  Apply the necessary federal, state, and local taxes, as well as any other withholdings or deductions.

• Prepare Payroll Reports

  Generate payroll reports for management review, detailing gross pay, deductions, and net pay.

• Process Payroll Payments

  Disburse payroll payments to employees via direct deposit or checks.

• Distribute Pay Stubs

  Provide employees with their pay stubs, detailing their earnings and deductions.

• File Payroll Taxes

  Ensure that all payroll tax filings are completed and submitted to the appropriate authorities.

• Review Payroll for Errors

  Conduct a final review of payroll to identify and correct any errors before the next cycle.