payroll-account

Vocabulary Word

Definition

A 'payroll account' is a type of bank account that a company or business uses to pay its employees. The money paid is called a salary, and it's deposited in each employee's account on pay day.

Examples in Different Contexts

In human resources, a 'payroll account' is a bank account specifically for employee payments. An HR manager might say, 'We deposit salaries into the payroll account before the end of each month.'

Practice Scenarios

Accounting

Scenario:

There are some discrepancies in our financial report. I am focusing on wages and related payments.

Response:

I can provide you with an individual breakdown of the salary payments. That might help with reconciling the payroll accounts.

Business

Scenario:

We're currently experiencing some glitches in our payment system. Make sure you double-check your bank details in the portal.

Response:

I have checked my payroll account details and they're correct. Is the issue likely to be resolved before the end of the month?