Week 4 Discussion Question Week 4 DQ1 Due Week 4 Day 2 Tuesday Post your response to the following discussion question by clicking on Reply Computer Accounting with Peachtree Complete 2009 covers how to enter payroll information for hourly and salary employees Why is it important to enter information precisely What are the consequences if the information is not correct Payroll information must always be entered precisely as employees rely on their paychecks to be correct and many have budgeted expenses that need to be paid from each paycheck If the information is incorrect there are many consequences within the system The taxes paid from the employee and the company will be calculated incorrectly if the information inputted is not precise This can cause the company and the employee to make an overpayment or underpayment of taxes Vacation time can also get miscalculated with incorrect information If the payroll was entered with too many zeros the company checkbook could end up overdrawn as well Payroll should be double checked before checks are printed and recorded Response 2 It is very important to be careful and accurate when entering employee payroll information These employees count on their paychecks for everyday living It can also be very time consuming and costly to go back and fix incorrect payroll once it has been processed posted and checks have been printed Not having entered correct information can also lead to incorrect tax reporting where a company would either over or under pay their payroll tax liability deposits to the government Under paying or not paying on time can lead to penalties for the company as well Response 3 It is important to be precise when entering payroll information for many reasons If the tax tables are not entered correctly when setting up payroll it will not be caught until quarterly payroll reports are due Here in Kentucky the kentucky unemployment rate can change and if not changed in the computer correctly or at all will cause the withholding amount to be under over over withheld We also have local payroll taxes here and the same thing applies to it This could cause the employer to owe money to the employee or vice versa If the taxes withheld are incorrectly calculated and reported the IRS or State agency will catch the problem and will make the company pay the balance on top of interest and pentalities on amounts owed Correctly inputing the employees filing status pay additional amounts to be withheld exemption etc is also important It will determine the amount of taxes being withheld from that employee It could cause problems when it comes time to file taxes The employees rely on their employer to apply their information correctly Discussion Question Week 4 DQ2 Due Week 4 Day 6 Saturday Post your response to the following discussion question by clicking on Reply Entering payroll information is a vital part of accounting What aspects of setting up payroll in Peachtree did you find most challenging Explain why I did not find the payroll to be confusing I am sure there is much more to do when actually setting up withholding different compensations for an employee for different job duties and vacation time etc It is imperative to correctly input the number of deductions each employee is claiming as well as their vacation time Other information to be recorded when setting up an employee is health benefits and 401K Once an employee is set up the system calculates everything The hours and commission need to be recorded each week Also used vacation and sick time must be recorded The deductions and payroll can be adjusted as needed when an employee adds a spouse to their insurance gets a raise changes deductions or any other change Response 2 I felt that Peachtree Complete Accounting PCA was very cut and dry when it came to its payroll process It s very basic compared to other more complex software that I have worked with I did not find setting up payroll with PCA to be challenging at all I feel that the navigation tab for employees payroll is laid out in a very effective manner that allows for easy following for the steps to complete payroll for either one or many employees Other software might not offer this feature that helps remind the users each time of the steps and in which order they should be complete Response 3 i did not find anything that I would consider a challenge I actually found it very detailed and very easy I love the way it does all the figuring for you and gives you the answers so you don t have to guess I like the way it gives you all the infomation that you could want such as taxes paid and per hour amounts and or salary if a person is being paid on a salary basis I like the payroll journal and the check register so I can compare what I did The payroll journal is easy and lets you see what you did so you can make sure all the information is correct I love the ability to print all this out and also to preview it before I have to actually print it in case I have made a mistake