Employees & Payroll
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I have 2 salaried employees with the vacation policy: 80 hours (accrued on anniversary date). I want to change this to either accrued on Jan 1 or accrued each pay period. What are the implications of changing this in the middle of a fiscal period and after the employees have already begun to accrue vacation? Does QBO reflect the change retroactively or will I have to make manual adjustments to account for their previously accrued vacation?Employee 1 has accrued 56 hours, $1350.04Employee 2 has accrued 0 hours, $750.00What are the manual adjustments I would have to do so that I can make this change now?
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I wonder in which T4 box the following items are reflected. ACCORDING TO THE CRA MANDATES, when I see the T4 boxes for them in the QBO payroll it doesn't show the right T4 boxes. Severance pay Stock Opt DSUs Stkpyout
For example for an 8 hour workday (they get time and a half for working on the stat)...do I enter 8 in the regular field and 4 in the stat field? And then add their other entitlement on top of that? Normally I pay 1/20th of the last 4 completed weeks since they're not full time.
QBO Payroll Jan to Feb 2021 cheques and payroll was turned on Mar 1 2021. I want to ensure the YTD records will be added correctly to T4 and to record all of the payroll tax payments made prior to payroll being turned on. Client does his own.
I'm using the payroll feature in quickbooks desktop in Canada. We pay our employees with etransfer and there is a $1.00 service fee for each transfer. I'm wondering how to record this fee in the payroll section in order to be able to match those transactions with my banking statement. Here's an example: Employee A's net pay is $273.42, therefore the pay cheque detail and the entry in my chart of accounts lists this as $273.42. However, the imported bank transaction will list this as $274.42 (net pay + e-transfer fee). So when I import these transactions, they won't match and my reconciliation will be off. Is there a solution or workaround to this issue? I have tried creating a payroll item that doesn't affect taxes or deductions and isn't included in insurable earnings or listed on the T4, but having this addition in the pay cheque detail increases the employee's net pay by $1.00, which obviously isn't correct or accurate.
how to delete a company file?
How should labour be capitalized? If the labour already shows on the Profit and Loss (I paid a software developer as an employee), then I want to capitalize some of all of that labour. It already shows on the Profit and loss, so should it be journaled out and into balance sheet (so we see it move and how it got there, while seeing what the actual burn was on labour? Or do we not want it on the Profit and loss at all?
Hi all Wanted to share a heads-up for something I ran into during this whole business, so you may want to double-check/be aware also. Amounts and CalculationsBe sure you're calculating the right amounts based on the Gross Pay, and limits at $1,375 (CDN) per employee. I originally read this as per employee, per month which is not the case. Once you hit that $1,375 running total (as of now, who knows if they'll open it up more in the future) that's it, done and dusted. RecordingIf you're like me and are using the Wagepoint auto-payroll add-in with QBO, you'll have a journal entry created for you by the Wagepoint peeps, but the entry will not reflect the subsidy. If you look at your invoice under Employees > View Reports > Invoices for the pay period, at the top it will show you their calculations (eligible for subsidy, and subsidy taken are both shown here). You can then modify the two entries to account for the reduction in taxes remitte
