Skip to main content
S
sharon-newman-ex
October 15, 2024
Question

Does anyone know how to account for salary sacrifice in Quickbooks?

  • October 15, 2024
  • 1 reply
  • 0 views
All our employees have the opportunity if to ‘buy’ additional days holiday each holiday year. Anyone wishing to use the scheme contributes an amount of their salary in place of the extra holiday, and effectively receives this benefit tax-free. Is there an option to account for this in Quickbooks?

1 reply

K
KimAnnVA
October 20, 2024

If you are using QuickBooks payroll, you would set this up as a "deductions and contributions,"  this will track.

 

If you do not use QuickBooks payroll and are tracking this manually, you will need to set up a "liability" account that will show up on the balance sheet.  You would need to create a chart of accounts classification that can be used with their pay, this is where you will put the "salary sacrifice" amount. 

Terms & ConditionsAccessibility statement