Compensation Accounting
The office of Compensation Accounting Services is responsible for:
- Managing and reporting accounting activity related to the Oracle Payroll application, including payroll asset and liability accounts
- Reporting Yale payroll tax (State and Federal) through accurate processes, reconciliations and related payments
- Ensuring compliance with requirements through accurate payroll tax processes, tax reconciliations and related payments, and State and Federal Tax reporting
- Processing and accounting for payroll adjustments including overpayments and tax adjustments
- Supporting Financial Reporting & Analysis in the bank reconciliation process for the payroll checking and direct deposit accounts
- Monitoring and maintaining internal controls with respect to payroll processes, payments, and accounting
Compensation Accounting Services is specifically responsible for:
- Payroll asset & liability account reconciliations
- Payroll element maintenance
- Bank reconciliation support
- Tax accounting, payments, reporting and document distribution of:
- Tax withholding account remittance and reconciliation
- Federal & State forms 941 & 945
- Form 1042
- Individual forms W–2, 1042S, 1099, 1099R
- Corrected forms
- Liaison between Payroll Department and University Tax Office
- Payroll deduction (voluntary & involuntary) remittance
- Support system upgrades
Last Updated: October 23, 2009 (jp).
