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Key Pay is not an accounting package, but it generates information which is needed to...

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Accounting

Key Pay is not an accounting package, but it generates information which is needed to produce accurate and timely accounting reports. Complete the below table to outline how the payroll system processes impact the operation and maintenance of the companys accounts.

  1. List four General Ledger accounts that you expect would be impacted by transactions recorded in KeyPay.

  1. For each account listed, identify one or two transactions or payroll activities which would impact the account.

  1. For each transaction or payroll activity identified, state how that transaction impacts the General Ledger account.

  1. For each transaction or payroll activity identified, outline how the transaction or activity could be recorded in KeyPay.

One has been completed for you as an example.

(a)

(b)

(c)

(d)

General Ledger Account

Payroll Transaction or Activity

Impact on General Ledger Account

Recording Procedure in Key Pay

Superannuation Payable (Liability)

Payment of wages

Increases the liability

Pay Runs > New Pay Run

Payment of superannuation

Decreases the liability

Business > Super Payments

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