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userfali
December 20, 2021
Question

Accrued Vacation payout and T4S

  • December 20, 2021
  • 1 reply
  • 0 views

Hi 

This my First year running payroll in QBO online 

I just have submmited my Last payroll for the year 2021.when and how i can find out that i have no differences in 

cpp, ei, and Tax collection and paid out. 

 

For Accrued vacation payout i use the new features " Accrued vacation payout" which in dollar value. 

And QBO suggest that to adjust the accrued vacation hours, after each vacation payout. 

I have many employees which vacation hours and vacation dollar values does not match. I can go head and fix them but I am concern this adjustments can generate any Journal entries that i am not aware of. 

 

Can anyone please help me with these two issues. 

 

Thanks 

Farzana .  

 

 

1 reply

T
Trish_T
December 21, 2021

Hi userfali,

 

Thanks for reaching out here.  QuickBooks Online payroll is a dynamic feature that allows you to pay your staff on time.  I can see the concern when it comes to payroll taxes.  I'd be happy to provide more information so you're on the right track!

 

Once you've set up your employees with the appropriate deductions, QuickBooks automatically calculates the amount to be withheld based on CRA guidelines.  Once the limit has been reached, the deductions won't be applied.  You can access the online calculator for payroll deductions on the CRA website.

 

With regards to the vacation values, typically you would make the necessary adjustments when running payroll.  I suggest reaching out to your accountant for their expertise and best course of action before making any adjustments, to ensure how it will affect the books.  If you don't have an accountant, we can assist you locate a ProAdvisor in your local area.

 

For your reference, here's a valuable article for every aspect of QuickBooks Online Payroll.

 

If you have any other questions, please reach back out.  We'd be glad to assist!

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