Are you tired of manually tracking vacation pay for your salaried employees? QuickBooks offers an easy solution to this problem.
By setting up a payroll item, you can automatically track vacation pay for your salaried employees. In this tutorial, we will guide you through the steps to set up and track vacation pay in QuickBooks.
Step 1: Create a Payroll Item
The first step is to create a payroll item for vacation pay. To do this, follow these steps:
- Open QuickBooks and go to Lists > Payroll Item List.
- Click on the “Payroll Item” button and select “New”.
- Select “Custom Setup” and click on “Next”.
- Select “Wages” and click on “Next”.
- Select “Vacation Pay” and click on “Next”.
- Enter a name for the payroll item (e.g., Vacation Pay) and click on “Next”.
- Select the expense account that you want to use to track vacation pay.
- Click on “Finish” to save the payroll item.
Step 2: Set Up Employee Vacation Pay
Once you have created the payroll item, you need to set up vacation pay for each employee. To do this, follow these steps:
- Go to Employees > Employee Center.
- Select the employee for whom you want to set up vacation pay.
- Click on the “Payroll Info” tab.
- Click on the pencil icon next to “Additions, Deductions & Company Contributions.”
- Select the “Vacation Pay” payroll item that you created in step 1.
- Enter the amount of vacation pay that the employee is entitled to per pay period.
- Click on “OK” to save the changes.
Step 3: Run Payroll and View Vacation Pay
Now that you have set up vacation pay for your salaried employees, you can run payroll and view the vacation pay amount. To do this, follow these steps:
- Go to Employees > Pay Employees.
- Select the employees for whom you want to run payroll.
- Enter the pay period dates and click on “Continue.”
- Review the payroll summary and make any necessary adjustments.
- Click on “Create Paychecks” to run payroll.
Once you have run payroll, you can view the vacation pay amount by going to Reports > Employees & Payroll > Payroll Summary. The vacation pay amount will be listed under the “Vacation Pay” column.
In conclusion
Tracking vacation pay for salaried employees in QuickBooks is a simple process that can save you time and ensure accuracy. By creating a payroll item, setting up employee vacation pay, and running payroll, you can easily track vacation pay for your salaried employees.
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