You have been asked by the Payroll Manager, Linda Laporte, to create a short job aid...

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Accounting

You have been asked by the Payroll Manager, Linda Laporte, tocreate a short job aid to assist the payroll practitioners withreconciling the Revenu Québec (RQ) account. Your organization is amonthly remitter. In your own words, outline suggestedreconciliation methods including the forms, tools and reports thatwould be used in the process.

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For payroll reconciliation the payroll practitioners should obtain the payroll as prepared generated from by the Revenu Quebec account Validating Transactions After obtaining payroll the accountant or clerk has to review the entries for accurateness and validate such things as payroll tax entries withholdings employee contributions and overtime to make certain that transactions occurred correctly The accountant verifies that the correct payroll posted to this account as part of reconciliation The payroll accountant or clerk can open a spreadsheet and take all the data from the Revenu Quebec account and reconcile The income tax deductions as per the declarations of the employees against the same in RQ Account For 2018 the income tax rate applicable to the first taxable income bracket which includes taxable income of not more than 43055 has been decreased from 16 to 15 All other income tax rates remain unchanged The income thresholds for all the brackets have been indexed Specifically the 15 rate applies to taxable income of 43055 or less See Answer

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