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PhoenixEngine
October 10, 2024
Question

Statutory Paternity and Shared Parental Leave Payments

  • October 10, 2024
  • 1 reply
  • 0 views

Hello

 

Hoping someone can help me.

I have an employee on Paternity Leave and also Shared Parental Leave.

Now as I am a small business I applied for help with Statutory Payments and therefore I am going to receive a 2 payments from HMRC.

I want to know how I account for that Payment. 

For the Furlough Payments we created an account called Furlough Salary Grant under other primary income.

 

Can I do the same for the Statutory Paternity Payment and the Statutory Shared Parental Leave.
There will be 2 separate payments from HMRC for each one.

1 reply

A
Aldren18
October 10, 2024

It’s great to see you actively seeking clarity on managing Statutory Paternity (SPP) Payments and Statutory Shared Parental Leave (ShPP) payments, PhoenixEngine. I can see that this can be a complex area, but rest assured, I'm here to help you find the support and guidance tailored to your business.

 

QuickBooks Online (QBO) doesn't support Shared Parental Leave within its payroll system. As a result, specific instructions for accounting for these payments directly in QBO will require the expertise of an accountant.

I recommend consulting with your accountant for accurate categorization of these payments. They can offer tailored advice and support in managing these payments effectively. If you don't have an accountant yet, consider utilizing the QuickBooks Certified ProAdvisor website to assist you in finding a qualified professional.

 

Here’s how to connect with a ProAdvisor:

 

  1. Visit the QuickBooks Certified ProAdvisor website.
  2. Click on the Find an Accountant tab.
  3. Complete the necessary details such as Location, Services provided, Industry served, and Product supported.
  4. Browse through the profiles of certified accountants and message the one that best fits your needs.

 

Furthermore, I'll share some valuable tools to help you keep track of your income accounts for SPP and ShPP. It will enable you to see the influence that these payments have on your overall finances and resolve any discrepancies quickly to ensure the precision of your records:

 

 

It’s been a pleasure assisting you with this vital aspect of your business, PhoenixEngine. I value your commitment to supporting your employees during this time. The Community team and I invite you to revisit this thread if you have questions or need assistance with other QuickBooks functionalities. We're always eager to help.

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