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INSURANCE BENEFITS WINTEAMEducation Department | TEAM Software training@teamsoftware.comJanuary 2017 | Version 2017.01Table of Contents Win team ........................................................................................................................................0Objectives

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How to fill out labor and general ledger

01

Gather all the necessary documentation related to labor expenses such as payroll records, employee time cards, and benefits reports.

02

Create a separate section in your general ledger for labor expenses.

03

Record each employee's wages, salaries, and benefits separately in the labor section of the general ledger.

04

Allocate labor expenses to specific projects or departments if necessary.

05

Reconcile the labor expenses recorded in the general ledger with payroll reports to ensure accuracy.

Who needs labor and general ledger?

01

Business owners who want to track and monitor labor expenses.

02

Accountants who need to prepare financial statements for the company.

03

HR managers who need to analyze labor costs and make budgeting decisions.

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What is labor and general ledger?

Labor and general ledger refers to the record keeping of all financial transactions related to labor costs within an organization. It includes details such as employee wages, benefits, and other related expenses.

Who is required to file labor and general ledger?

All businesses and organizations that have employees are required to maintain and file labor and general ledger records.

How to fill out labor and general ledger?

Labor and general ledger can be filled out manually or using accounting software. It involves documenting all labor-related expenses and allocating them to the appropriate accounts.

What is the purpose of labor and general ledger?

The purpose of labor and general ledger is to track and monitor the costs associated with labor within an organization. It helps in budgeting, financial reporting, and decision-making.

What information must be reported on labor and general ledger?

Information such as employee wages, benefits, payroll taxes, and other labor-related expenses must be reported on the labor and general ledger.

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