Do You Accrue for Payroll Deductions in Accounting?

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Whether or not you accrue for payroll deductions in accounting depends entirely on a few particular things. Find out if you accrue for payroll deductions in accounting with help from an accounting professional in this free video clip.

Part of the Video Series: Accounting & Finance
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Video Transcript

Hi, I’m Lori Greer from Atlanta, Georgia, and I’m here to answer the question, “Do you accrue for payroll deductions in accounting?” At the end of a fiscal year or accounting period, the situation may arise where you may need to account for payroll expenses that have been generated but not necessarily paid. Of course, payroll deductions that you would take out of your employee’s payroll checks are an accounting expense, as you must pay them to the respective party. So, the answer to the question would be, “Yes.” Depending on the pay period, you may need to accrue for payroll deductions. I’m Lori Greer from Atlanta, Georgia, and we just answered the question, “Do you accrue for payroll deductions in accounting?”

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