Payroll reconciliation BS
The Payroll reconciliation BS template is linked to the Payroll reconciliation PnL template.
NOTE: The figures in the above table need to reflect the YTD values (for example, if you have a January - December financial year and you are currently completing April working papers, the table will show January - April values).
There is no set way you have to complete the details of the table, however the TOTAL must reflect the CUMULATIVE YTD VALUES.
Step 1: Select the level of detail in which you'd like to prepare the template
1 - When this box is selected the table above will appear which prompts the preparer to fill in / upload the payroll details per employee
Note: if you want the 'Director' option to be selected, please use the word 'true' in Plain Text in your Excel upload.
2 - When selected, the columns 'Period' and 'Employee' are shown as two separate columns in the input table above. If the tick box is not selected, the prepared has the choice of whether to enter the details per employee or for the period as a total.
A template to help you get the formats right for this is here: Payroll-BS-upload-template-(1).xlsx
The paperclip may be useful when a payroll reconciliation has already been prepared. The preparer can then simply attach the relevant document using the paper clip functionality and enter the totals on 1 line item.
Average monthly employees
If desired, the preparer can input details of the number of employees per month on payroll. This will be used to calculated the average monthly employees. This is not mandatory. You also have the option to attach an Excel here if required.
You will see there is an option to choose the number of months (which may be useful in your first / last year of incorporation).
Step 2: Prepare and validate the social insurance, pension and wages reconciliations
Social insurance control
Pull in the relevant nominal account/s using the # functionality. This will pull in the related nominal account value which will then be reconciled to the relevant fields in the input table:
Balance b/f per the nominal account/s pulled in using the #
PAYE (from your workings in Step 1)
Employee NI (from your workings in Step 1)
Employer NI (from your workings in Step 1)
PAYE paid (from your workings in Step 1)
Balance c/f per the nominal account/s pulled in using the #
Repeat the above process for the wages control and pension control accounts
Note: If required, additional fields will automatically appear in your reconciliation once a description/value is entered into the empty yellow boxes, for example: