• Limitations Of Payroll System

Course Title: Establish and maintain a payroll systemPart B: Course DetailTeaching Period:Term1 2012Course Code:ACCT5309CCourse Title:Establish and maintain a payroll systemSchool: 650TTAFE BusinessCampus:City CampusProgram:C4296 - Certificate IV in AccountingCourseContact:Jenny WozkoCourseContactPhone:+61 3 99255701CourseContactEmail:Name and Contact Details of All Other Relevant StaffClaudio Marasco+61 3 9925 1651Nominal Hours:30Regardless of the mode of delivery, represent a guide to therelative teaching time and student effort required tosuccessfully achieve a particular competency/module. This mayinclude not only scheduled classes or workplace visits but alsothe amount of effort required to undertake, evaluate andcomplete all assessment requirements, including anynon-classroom activities.Pre-requisites and Co-requisitesNil.Course DescriptionThis unit describes the performance outcomes, skills and knowledge required to record and prepare payroll documentation, deal with enquiries in regard to payroll, and process payroll from provided data in manual or computerised payroll systems. This unit has application to a variety of financial services sectors. It is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements, including various aspects of taxation law (including, but not limited to, the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997), other relevant legislation and Goods and Services Tax (GST) rulings. The Tax Practitioner’s Board (TPB) administers specific educational and experience requirements for registration of BAS agents and sets specific assessment requirements that must be met. The varying Commonwealth, State or Territory requirements should be confirmed with the relevant body.If you are undertaking this course in Melbourne from semester 2, 2012 onwards your teacher will advise you if you require access to a computer for the course.

It is recommended that you have access to a mobile computing device to allow greater flexibility in terms of where you can work on campus outside class times.National Codes, Titles, Elements and Performance CriteriaNational Element Code & Title:FNSBKG405A Establish and maintain a payroll systemElement:1. Record payroll data2. Payroll preparation3.

While payroll processing software is less susceptible to errors than manual systems, the potential exists for malfunctions and glitches. It can be helpful to be able to review information and make corrections manually at times. Find a New Payroll System. Are you ready for a new payroll processing system? Even for the smallest of businesses, running your Payroll through a computeriesed system will be cheaper than preparing your Payroll manually. If you have a single employee there are on-line solutions from reputable Payroll solution providers from as little as $10 per month. Oct 26, 2012 - 02:08 accounting courses training, Computerized Payroll system, Manual payroll system, Manual vs. Computerized Payroll system, payroll.

Limitations Of Payroll System

Handle payroll enquiries4.

In-HouseIn-house payroll processing is a viable option if you have a small staff, typically fewer than 10 employees, with few changes in weekly work hours. If your needs are straightforward, an on-site employee can use payroll software to manage the process and be readily available to answer questions and deal quickly with any problems. The employee responsible for payroll must stay up-to-date and knowledgeable of staff changes and payroll tax laws for accurate pay, tax withholding and filing. You also lower security risks for financial data by processing payroll in-house. Bookkeepers and CPAsYou can outsource payroll to a bookkeeper or a certified public accountant; however, they generally prepare payroll and maintain tax records and may not offer bank interface services such as direct deposit or 401(k) deductions. Make sure the bookkeeper or CPA has expertise in all the services you need as well as flexibility to accommodate last-minute changes to prevent processing errors. Even if you outsource payroll processing, you are ultimately responsible for accurate deposit and payment of federal tax liabilities; if there are issues, the Internal Revenue Service will contact you rather than the payroll service.

Payroll ServicePayroll services provide well-informed experts on payroll tax and regulatory requirements, keeping you compliant and free of day-to-day payroll obligations. They provide administrative services such as direct deposit and automatic deductions from paychecks, and most services guarantee their work and are less likely to incur penalties for inaccurate or late filing. Department of Treasury offers a free, secure service called the Electronic Federal Tax Payment System so you can confirm tax payments are being made on your behalf, which you can take advantage of if the payroll service offers electronic filing through EFTPS.

Online PayrollOnline payroll companies allow you to manage and monitor payroll details 24 hours a day, seven days a week from a secure Web browser, and you never have to purchase additional software and equipment. You can enter and update payroll and track employee vacation days and sick pay from your computer or laptop at your convenience. Many online payroll companies offer payroll tax filing and payment in addition to basic payroll services, allowing you to focus on other aspects of your business.

If email updates are offered, you can sign up to receive payroll status and other relevant account information for quick review.