Course Code: ACCT 270
Academic Year: 2024-2025
This course provides students with conceptual and practical experience in Canadian Payroll and QuickBooks Online. Payroll Administration includes: understanding of Federal and Provincial labour and employment standards, employment legislation jurisdiction, and the stakeholders in the payroll administrative process and their requirements; calculation of employee gross, pensionable, insurable and taxable earnings, statutory and non-statutory withholdings and net pay; calculation of employer contributions of statutory withholdings, worker's compensation premium and employer health tax; preparation of payroll journal entries and required documents (record of employment, T4 and T4 Summary); and performance of the year-end procedures. QuickBooks Online: provide students with experience in maintaining computerized accounting records using QuickBooks Online (plus) software to create a new company; set up chart of accounts, suppliers, customers, inventory items, payroll items and employees; record entries in the transaction forms of General Ledger, Accounts Payable, Accounts Receivable, Inventory and Payroll; create financial statements and management reports; generate record of employment, T4 and other government required documents from QuickBooks Online company file.