Free ACCA FA1 Payroll Fundamentals Study Guide

Overview

This module covers payroll processing and accounting, including gross-to-net pay calculations, statutory deductions, and payroll journal entries. Topics include timesheets, payslips, employer liabilities, and payroll reconciliation.

1. Gross to net calculations

• Basic pay, overtime, and allowances
• Deductions for tax, national insurance, pensions
• Net pay and wages analysis

2. Payroll records and obligations

• Timesheets, payslips, and statutory records
• Employer liabilities and remittances
• Confidentiality and access controls

3. Accounting for payroll

• Wages control and ledger postings
• Accrued wages and payroll liabilities
• Month-end payroll reconciliation