BlogBusiness & Supply Chain

Correcting Overpayments: How Good Accounting Training Can Ensure Quick Resolutions

By February 14, 2018 July 10th, 2019 No Comments
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For the employee who mistakenly gets a little extra money on their paycheck, the error might seem like a nice surprise. For the payroll or accounting professional on staff, though, it’s a problem that needs to be dealt with.

Fortunately, graduates of accounting programs are equipped to deal with this situation, possessing the skills necessary to achieve a quick and fair solution that gets everybody and everything back on track. Curious about what it is that they do? Here’s a look at how graduates of good accounting programs can go about fixing an overpayment.

Pros With Accounting Training Know Different Salary Overpayments Have Different Solutions

There’s more than one way to overpay an employee. There might have been a clerical error, for instance, or a system failure leading to an employee either being paid too much money, or being paid when they are on leave or no longer with the company. Repayment is the ideal solution, but delays and refusals are not unheard of, and lead the situation to become more complicated. Further, the specific manner in which the overpayment occurred can lead to different legal requirements during the pursuit of a resolution.

For professionals with accounting training, it’s a straightforward thing to resolve these different issues of salary overpayment. A combination of training in bookkeeping and accounting ensures graduates have a grasp of the specific processes demanded in financial management for a business. Training in standard applications like Quickbooks add to this an ability to pursue the correct solution quickly, and ensure all parties are made aware of the correct next steps as early as possible. It’s an ideal combination for nipping issues of overpayment in the bud as quickly and stress-free as possible.

Over-Deduction Is Another Common Issue That Can Be Encountered in a Career in Accounting

It’s standard practice for employers to deduct employment insurance premiums from each paycheck, sending the funds to the government on the employee’s behalf. It can happen, however, that an error is made and too great of a deduction is taken in a given pay period. Similarly, underpayment might also occur, with the company deducting too little in a given pay period. Both situations call for resolution, which can take the form of either reimbursement to the employee or making extra deductions from their later pay. Depending on the time frame over which these processes are meant to take place and the extent of the problem, however, finding a way to solve it can be a tricky thing to pull off.

Success in a career in accounting means being prepared to deal with these kinds of problems, and there’s no better way to achieve this readiness than through a good training program. These offer enrollees the chance to engage with experienced professionals who can offer real insight into a multitude of different accounting problems, something which can help steer them toward the correct solutions. If you know you want to do computerized accounting work for a business and want to be prepared to help resolve some of the payment issues that can arise, it’s important that you go into it with this type of education behind you.

Do you want to learn more about resolving payment issues?

Contact Anderson College to learn about our accounting and payroll diploma!

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