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

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