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Employees & Payroll
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I have a client whom I do payroll for, who doesn't track vacation accruals through the payroll system. They provide their employees with 4 weeks vacation entitlement per fiscal year. When the employee takes vacation, they simply continue to be paid their standard salary, as usual. At the end of Q2 and Q4, I need to create a journal entry to track the accrued vacation liability. Which accounts would I debit/credit to accurately record this - keeping in mind that the used vacation pay has already been paid out? (They are well above two weeks ESA vacation pay percentage that is required to be provided - so I'm not at all worried about that tracking.)
We currently don't use the service items in timesheets or payroll and I am just wondering their purpose and if it would beneficial to us to be using them. Thank you.
System is showing past payroll info and not allowing me to enter new info for payroll this week.
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