Payroll, Revenue, and Expenditures

Payroll Cycle

Human Resources Process involving hiring, compensation, benefits, performance evaluation, and employee exit.

Form W-4

For payroll withholding status (Employee ID, allowances).

Form W-2

Year-end payroll summary for tax purposes (Gross pay, withholdings).

Employee Time Card

Reports hours worked.

Payroll Register

Summary of payroll per pay period (Hours, pay rate, deductions).

Employee Earnings Record

Detailed summary at the employee level.

Form 1099

Reports payments to independent contractors.

Forms 940 & 941

Reports federal unemployment taxes and employee withholdings.

Automated time-tracking

Ensures paying correct amount.

Structured exit process

Involves badge and password revocation for exiting employees.

Written hiring/firing procedures

Helps manage employee claims through compliance reviews.

Background checks

Part of fraud prevention measures.

Revenue Cycle

Sales/Collection Process including customer order, credit approval, order fulfillment, and payment collection.

Customer Order

Initiates sales.

Picking Ticket

Directs items to be shipped.

Packing List

Lists items shipped.

Bill of Lading

Contract with carrier.

Sales Invoice

Prepared to bill customer; entry in the Sales Journal or Cash Receipts Journal.

Uncollectible Accounts

Written off and recorded in Accounts Receivable and General Ledger.

Creditworthiness

Assessed using third-party credit or independent approval.

Purchase Requisition

Requests items based on need.

Purchase Order

Sent to vendor; outlines order details.

Receiving Report

Documents received items.

Vendor Invoice

Requests payment from the vendor.