1. Chapter 4: Employees Chapter 4: Employees

2. ©The McGraw-Hill Companies, Inc. 2 of 21 Employees In Chapter 4, you learn how Peachtree processes payroll. Once default and employee maintenance information is set up, payroll is a simple process.

3. ©The McGraw-Hill Companies, Inc. 3 of 21 Software Objectives, p. 131 Restore data from Exercise 3-2. (This back up was made on page 128.) Enter and store information using the Maintain Employees/Sales Rep window. Set up default information for payroll. Store constant information about payroll payment methods. Transfer funds from the regular checking account to the payroll checking account. Enter paychecks in the Payroll Entry window. Print employee paychecks. Make two backups: one blank, formatted disk for the Chapter 4 backup; one blank, formatted disk for the Exercise 4-2 backup.

4. ©The McGraw-Hill Companies, Inc. 4 of 21 Web Objectives, p. 131 Use your Internet browser to go to the book’s website at www.mhhe.com/yacht2004 www.mhhe.com/yacht2004 Complete the Internet activity for the American Institute of CPAs. Use a word processing program to write a summary about the websites(s) that you visited.

5. ©The McGraw-Hill Companies, Inc. 5 of 21 Select default information Select employees Enter tax information and define payroll fields Maintain menu Tasks menu Select employees/sales repsSelect payroll entry Set up employee rates and special deductions Enter employee paycheck information for a specific pay period Peachtree’s Payroll System

6. ©The McGraw-Hill Companies, Inc. 6 of 21 Peachtree Tips Peachtree Tips All work in Chapters 1, 2, and 3, including the end-of-chapter exercises, should be completed before starting Chapter 4. When you are ready to print paychecks, you pick a form to print. The paycheck form selected is tied to the kind of printer you are using. For example, if you are using an HP DeskJet 520 printer, the form selected is PR MultiP Checks 2 Stub. You may need to make a different selection for printing forms depending on the kind of printer being used.

7. ©The McGraw-Hill Companies, Inc. 7 of 21 Peachtree Tips Peachtree Tips In Chapter 14, Payroll, you will learn how to set the defaults for the payroll accounts. Each employee and employer deduction will be set for individual liability accounts and expense accounts.

8. ©The McGraw-Hill Companies, Inc. 8 of 21 Backing Up Chapter 4 Disks Backup Name KB Page Nos. 8 of 14 a:\Chapter 4.ptb 1,257 KB 151 9 of 14 a:\Exercise 4-2.ptb 1,256156 Use one blank, formatted disk to back up Chapter 4 on page 151. You will need another blank, formatted disk to back up Exercise 4-2 on page 156. You can reformat disks used in earlier chapters. If you do not reformat disks, you will need 14 blank, formatted disks for Chapters 1 –8 (Part 1 of the text).

9. ©The McGraw-Hill Companies, Inc. 9 of 21 Chapter 4 Topics 1. Software & web objectives, p. 131 2. Getting started, p. 133 3. Default information, pp. 134-138 4. Maintain employees, pp.138-139 5. Payroll tasks, p. 140 a.Transferring cash to the payroll checking account, pp. 140-141 b. Payroll entry for a salaried employee, pp. 142-144 c.Payroll entry for an hourly employee, pp. 145-146 d. Printing payroll checks, pp. 147-150 6. Journal entry for payroll, p. 150

10. ©The McGraw-Hill Companies, Inc. 10 of 21 Chapter 4 Topics (concluded) 7. Backing up chapter 4 data, p. 151 8. Internet Activity, p. 151 9. Summary and review, p. 152 a. Going to the Net, p0. 152-153 b. Short-answer questions, pp. 153-155 c. Exercise 4-1, p. 156 d. Exercise 4-2, p. 156 e. Chapter 4 index, p. 157

11. ©The McGraw-Hill Companies, Inc. 11 of 21 Employee Defaults window, p. 135 From the menu bar, select Default Information, then select Employees.

12. ©The McGraw-Hill Companies, Inc. 12 of 21 Maintain Employees/Sales Reps, p. 134-35 From the menu bar, click on Maintain, then Employees/Sales Reps. This screen is shown on p. 135.

13. ©The McGraw-Hill Companies, Inc. 13 of 21 EmployEE Fields, p. 136 After selecting the EmployEE Fields tab, this screen is shown.

14. ©The McGraw-Hill Companies, Inc. 14 of 21 EmployER Fields, pp. 136-137 Read the information on pp. 136-137. After selecting the EmployER Fields tab, this screen is shown on p. 137.

15. ©The McGraw-Hill Companies, Inc. 15 of 21 Maintain Employees/Sales Reps, p. 139 From the menu bar, click on Maintain, then Employees/Sales Reps, click on the magnifying glass icon in the Employee ID box, then select CLEDUC-01, Charlene M. LeDuc. Select the Pay Info tab.

16. ©The McGraw-Hill Companies, Inc. 16 of 21 Payroll Entry for salaried employee, p. 144 The completed Payroll Entry on page 144 is shown below.

17. ©The McGraw-Hill Companies, Inc. 17 of 21 Payroll Entry for hourly employee, p. 145 The completed Payroll Entry on page 145 is shown below.

18. ©The McGraw-Hill Companies, Inc. 18 of 21 Journal Entry for Payroll, p. 150 Account Description DebitCredit Wages Expense (Regular Hours) 480.00 Wages Expense (Overtime Hours) 54.00 Federal Payroll Taxes Payable (Fed_Income) 41.16 Social Security (Soc_Sec, Employee) 33.11 Medicare (Medicare, Employee) 7.74 State Payroll Taxes Payable (State) 24.99 Payroll Checking Account 427.99

19. ©The McGraw-Hill Companies, Inc. 19 of 21 Backing Up Chapter 4 Data, p. 151 Complete steps 1-9 on page 151 to backup Chapter 4 data. The suggested file name is Chapter 4.

20. ©The McGraw-Hill Companies, Inc. 20 of 21 Chapter 4, Internet Activity, p. 151 1 Go to the book’s website at www.mhhe.com/yacht2004 www.mhhe.com/yacht2004 2 In the Student Center list, link to Internet Activities. 3 Link to WEB EXERCISES PART 1. 4 Scroll down the screen to THE AMERICAN INSTITUTE OF CPAs-Chapter 4. Complete steps 1-3. 5 Using a word processing program, write a summary about the sites you selected. Include the website address in your summary (maximum length, 75 words; minimum length, 50 words.

21. ©The McGraw-Hill Companies, Inc. 21 of 21 Going to the Net, p. 145 Access the Pro2Net Accounting website at http://accounting.smartpros.com http://accounting.smartpros.com Move your cursor over the Career Center. From the Career Center drop-down list, select 2003 Career Guide, then link to Accounting Salaries & Trends, then link to Read our overview of the 2003 Salary Guide. Read the article and then answer the following questions. 1. What industries are expected to have the strongest demand for accountants? 2. What are the specialties and skills most in demand?. 3. Who did the research for this article on starting salaries?