Prepare electronic payments as per standard company

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Reference no: EM133148692

FNSTPB402 Establish and maintain payroll systems

Oz Office Supplies

Payroll policy and procedures

Purpose
The purpose of this policy and procedure is to ensure that payroll transactions are completed accurately and consistently, as well as in a timely manner.

Payroll Security
Oz Office Supplies policy is that only the Finance Manager and Payroll Officer may access the payroll records.

All payroll staff (Finance Manager and Payroll Officer) should maintain security over payroll system passwords and should change them at least once a quarter.

General obligations
Payroll staff should liaise with HR to maintain accurate employee attendance, pay scale and bank account records.

Payroll staff should ensure that the time records for hourly-paid employees are approved by a
supervisor prior to these records being passed for payment.

Payroll staff should maintain complete and accurate payroll records for holiday and sick leave

Payroll Procedures
1. Each employee will complete a time sheet summary, which will be summarised by HR and provided to the payroll officer.
2. Oz Office Supplies has a policy of paying wages weekly. Therefore wages will be processed each week on Friday.
3. The payroll officer must seek approval from the Finance Manager prior to processing the wages.
4. Therefore, an email must be sent to the Finance Manager to seek approval to process pays for the relevant week once all data has been input into MYOB.
5. The Finance Manager will review the figures in MYOB prior to any payment being made to ensure that any errors, duplicate payments or omissions are corrected.
6. The Finance Manager will then give approval to process the payroll.
7. Using MYOB, payroll should then process the pay, print the pay slips and prepare electronic payments as per standard company procedure.

Payroll Discrepancies
Any apparent discrepancies (for example, discrepancies to do with the total amount paid or pay rate,) should be checked first with the Administration Manager.

This should be done in writing through email.

Approval for change must also be received in writing before any rectifications are made.

Payroll Records
At the end of each month, the reports listed below must be printed off and emailed to the Finance Manager, as well as saved according to the following saving conventions:

MONTH YEAR Payroll Summary Reports

a) Payroll summary report
b) Payroll register report
c) Payroll activity (summary) report
d) Profit and Loss Statement
e) Balance Sheet
f) Entitlement Balance (summary) report
g) Superannuation accrual by fund (summary) report

Payroll Security
All persons using payroll must password protect their MYOB company file. Passwords must be changed at least once a quarter.
Users should set up a user account with a unique password.

Attachment:- Payroll Policy and Procedures.rar

Reference no: EM133148692

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