Chapter 15: The Human Resources Management and Payroll Cycle Flashcards
human resource management (HRM)/payroll cycle
the recurring set of business activities and data processing operations associated with effectively managing the employee workfoce
knowledge management systems
software that stores and organizes expertise possessed by individual employees so that the knowledge can be shared and used by others
time card
a document that records the employee’s arrival and departure times for each work shift. The time card records the total hours worked by an employee during a pay period
time sheet
a data entry screen (or paper document) used by salaried professionals to record how much time was spent performing various tasks for specific clients
payroll register
a listing of payroll data for each employee for a payroll period
deduction register
a report listing the miscellaneous voluntary deductions for each employee
earnings statement
a report listing the amount of gross pay, deductions, and net pay for the current period and the year-to-date totals for each category
payroll clearing account
a general ledger account used to check the accuracy and completeness of recording payroll costs and their subsequent allocation to appropriate cost centers
flexible benefits plans
a plan under which each employee receives some minimum coverage in medical insurance and pension contributions, plus additional benefit “credits” that can be used to acquire extra vacation time or additional health insurance.
Sometimes called cafeteria-style benefit plans because they offer a menu of options
payroll service bureau
an organization that maintains the payroll master file for each of its clients and performs their payroll processing activities for a fee
professional employer organization (PEO)
an organization that processes payroll and also provides human resource management services such as employee benefit design and administration
