Entering Company Holidays in QuickBooks

 In QuickBooks Desktop, you'll need to track the holiday pay separately from sick or vacation pay. Let's set this up first by adding a new payroll item.

Here's how:

 

  1. Go to the Lists menu, then choose Payroll Item List.
  2. Select the Payroll Item drop-down and click New.
  3. Choose Custom Setup, and select Next.
  4. Choose Wage, and select Next, then select Annual Salary, and select Next. 
  5. Choose Regular Pay, and select Next.
  6. In the Name used in paychecks and payroll reports field, enter Holiday Pay, and select Next. 
  7. The default account for the expense is Payroll Expenses, then select Finish.

 

To track the accruals, you'll need to add this item on your employee's setting. Here's how:

 

  1. Go to Employees menu and select the Employee Center.
  2. Double-click the employee's name to edit the payroll information.
  3. Select the Payroll Info folder.
  4. Add the Holiday Pay Item below the Earnings section.
  5. Once done, click OK.

Adding this item will track the YTD amount once you created paychecks with holiday pay.

 

To create a paycheck, you can add this together with your Regular Salary or you can create a separate paycheck for holiday pay only. Here's how:

 

  1. In the Earnings section of the paycheck, add the Holiday Pay item.
  2. For Regular Salary and Holiday Pay, enter the hours worked. For example, on a biweekly payroll, enter 72 hours for the regular salary and 8 hours for holiday pay. QuickBooks Desktop automatically adjusts the pay for each item. Please see attached screenshot below for your reference.

 

It'll now automatically track the YTD amount on the next paycheck.


Article source from: (https://quickbooks.intuit.com/learn-support/en-us/employees-and-payroll/paid-holidays/00/765442)


If you need any types of CPA assistance please visit us @ www.cpacb.com

Comments

Post a Comment

Popular posts from this blog

How to Configure Firewall and Security Settings for QuickBooks Desktop?

Image
  If you are facing the issue that your firewall blocks internet access for some of the specified QuickBooks programs, then there is a probability that you will face further errors that could hinder smooth working of QuickBooks desktop. You can get rid of these errors by either updating the firewall to the latest version or by configuring the firewall software. Moreover, you can also   add some exceptions for QuickBooks firewall ports . There can be various other steps that you might require to carry out, in order to get rid of various errors. In this article we are going to discuss the process to  configure Firewall and security settings for QuickBooks desktop . If you are looking for the same, then make sure to read this post till the end. However, you can connect with our  QuickBooks enterprise support  team using our support line for further assistance. Read this Also:   How to Fix QuickBooks error 6000, 832? What is Firewall? Before you explore the ...
Read more

What is Cash Flow ?

Image
  What is Cash Flow ? Cash flow is the net amount of cash and cash equivalents being transferred into and out of a business. Cash received represents inflows, while money spent represents outflows. ( Image source from :  https://thumbs.dreamstime.com/b/cash-flow-concept-idea-financial-growth-development-money-investment-profit-invest-earnings-get-increase-isolated-cartoon-137829450.jpg ) At a fundamental level, a company’s ability to create value for shareholders is determined by its ability to generate positive cash flows or, more specifically, maximize long-term free cash flow (FCF). FCF is the cash that a company generates from its normal business operations after subtracting any money spent on capital expenditures (CapEx). Cash Flow Categories: 1. Cash Flows from Operations (CFO):  CFO, or operating cash flow, describes money flows involved directly with the production and sale of goods from ordinary operations. CFO indicates whether or not a company has enough ...
Read more

Knowledge Economy

Image
  What Is the Knowledge Economy? The knowledge economy is a system of consumption and production that is based on  intellectual capital . In particular, it refers to the ability to capitalize on scientific discoveries and basic and applied research. This has come to represent a large component of all economic activity in most developed countries. In a knowledge economy, a significant component of value may thus consist of  intangible assets  such as the value of its workers' knowledge or intellectual property. KEY TAKEAWAYS The knowledge economy describes the contemporary commercialization of science and academic scholarship. In the knowledge economy, innovation based on research is commodified via patents and other forms of intellectual property. In the Information Age, the global economy has moved further toward the knowledge economy. The Knowledge Economy Explained Less developed countries tend to have agriculture and manufacturing-based economies. A developing co...
Read more