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jsc983
May 19, 2025
Question

Quickbooks Payroll shared company car

  • May 19, 2025
  • 1 reply
  • 0 views

Hi,

I'm Payrolling the benefit for a shared company car but I'm finding that the value of the benefit being calculated in Quickbooks is too low. Has anyone else noticed the same? 

 

The Price for Car = £13995

Using an Appropriate percentage - 30% = £4198.50

but QB rounds this down to get a Cash Equivalent of £4198

The car is shared between 5 employees, so I make that £839.60 

However, QB is truncating the amount and using £839 to calculate the amount to be payrolled.

 

That means I'm 60p off for each employee each month, so by the end of the year I'll be £36 short on the amount payrolled. 

 

Is this a bug or my misunderstanding? I've put the Benefit calculation log below.

 

Thanks

James

 

Total price for car with accessories £13995.00
Minus capital contributions £13995.00
Using an appropriate percentage of 30%
After applying percentage £4198.00
Number of days available 365
Number of days in year 365
Cash equivalent based on number of days available £4198.00
After taking into account car share £839.00
Minus amount employee pays giving cash equivalent of £839.00
Less payrolled to date £69.92
Equals total amount owed £769.08
Divided by number of periods 11
Equals amount to be payrolled each period £69.92

 

 

 

 

  

1 reply

M
MichaelaS
May 19, 2025

I appreciate the detailed information you've shared, jsc983.

 

QuickBooks usually rounds decimal amounts to the nearest penny when calculating benefits. Based on your description, QuickBooks seems to round down the cash equivalent. I recommend contacting live support for further assistance and to conduct a review of this issue.

 

Here's how:

 

  1. Navigate to the Help menu.
  2. Click the Search option and type "contact support."
  3. Choose the Contact Us tab at the bottom.
  4. Enter the question, keyword, or topic for which you need assistance.
  5. Follow the prompts, then select your preferred way to connect with us: Have us call you or Chat with us.

 

Our support hours for QuickBooks Online (QBO) Plus, Essentials, or Simple Start are Monday through Friday from 6 AM to 6 PM Pacific Time and Saturday from 6 AM to 3 PM Pacific Time. For QBO Advanced, our support team is available 24/7. If you'd like to contact live support, please go from this link directly: Get help with QuickBooks.

 

You run the Payroll Summary report and can check the overview of your company's payroll activity, including wages, taxes, and deductions, in this article: Run payroll reports.

 

Keep us posted if you have other inquiries about payroll calculation. We'll do our best to help.

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