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Salary Entries and Records

It can be troublesome to prepare the salaries for staff. Allowances and bonuses must be taken into consideration.

The amount of troubles depends on how many different allowances and bonuses you are using and how many credit facilities are offered to the staff.

Besides these there are all the different insurance, tax and other tasks you have to do because of the national legislation.

Legal obligation

You as the owner of a company have a statutory duty to maintain records of all wages paid and deductions made. Failure to do so could result in a heavy fine. Be sure to familiarise yourself with the arrangements of your tax authority and get hold of the latest tax deduction book.

Business owners are responsible for ensuring that proper statutory deductions are made from an employees salary. The deductions must be passed on promptly to the relevant authority.

Do not tempt to disregard the Tax Department in relation to temporary, part time or casual employees. All wages must be included in the financial returns to the tax office.

Wage Book

You should keep a separate Wage Book which brings together all the information on staff salaries and deductions. They can often be purchased from stationery suppliers in a pre-printed format.

The transactions in the wage-book also have to be registered in your PC bookkeeping programme.
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Office Supplies
Running a business good administration
Non-cash Vouchers
Purchase Transaction Voucher
Sales Transaction Voucher
Payment Transaction Voucher
Salary Entries and Records
What is Accountancy?
Principles in Accounting
Understand Financial Info
Safeguarding Your Assets
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