Employee Opening Balances
Comments
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Hi Heather
Depending on how many employees you have, it may be simpler just to enter the July Pays into the new File ?
Regardless of which option you go with, the opening balances for Leave Hours will still need to be entered into each relevant employee's record. I would do this FIRST:
- "Edit Employee" > "Payroll & Compensation Info" tab > "Leave Details" (Note the "Hours available as of .." Date & enter balances in line with that date)
- I recommend using "Every Hour" as the "Accrual Period" to ensure accuracy & allow for any part-time hours. As a guide, on a 38-hr week, the hourly accrual is approx 0.07694 hours for Holiday/Annual Leave & half that (0.03847 - which RA defaults to 0.03833 due to rounding) for Personal (Sick) Leave. Obviously this is based on the standard 4-week AL / 2-wk PL/SL entitlement. If you are covered by an Award or IFA that provides in excess of this, the calc ise:
If you decide to use YTD summaries rather than entering the July pays, you will need to specify 3 dates when you enter these in a new RA Company File:
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The date your payroll liability & expense accounts are affected (eg when RA increases all liability accounts & affects each expense account associated with payroll items)
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The date your payroll bank accounts are affected (eg when RA starts recording net pay cheques in your bank account)
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The date of the first paycheque you create using RA payroll.
These dates can be the same or different, depending on your payroll situation.
- Go to "Employees" (along top toolbar) > "Setup YTD Amounts"
- Follow the onscreen prompts, with " ... affect liability and expense accounts" date set to 01/07/18 & " ... affect your payroll bank account" from actual payment date. "Earliest RA Payroll Date" will be the date for weekly pay payroll commencement in the new File.
- Next you will "Enter Summary" for each employee. (Note the From & To Dates - these should be from 01/07/18 the last date prior to processing weekly payroll in the new File)
Shaz Hughes Dip(Fin) ACQ NSW, MICB
*** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***
* Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *
Accounted 4 Bookkeeping Services
Ballajura, WA
(NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
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Thank You Shaz - this looks easy to follow - I will give it a go and see how I go. Cheers0
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