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Employee Opening Balances

HeatherHeather Member Posts: 17
edited September 2019 in Accounts Business Range
I have set up a new QBooks file for Payroll - my July payroll has been processed through old file.  I need to enter historical payroll and all leave accrual balances into new file - can someone help me - where do I enter these balances as in $ and hours.  Thanks

Comments

  • Acctd4Acctd4 Accredited Partner Posts: 893 ✭✭
    edited September 2019
    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:
    No. of Leave hrs entitlement per yr (eg 38 x 4 = 152) / 52 wks / No. of hrs p/wk

    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:

    • The date your payroll liability & expense accounts are affected (eg when RA increases all liability accounts & affects each expense account associated with payroll items)

    • The date your payroll bank accounts are affected (eg when RA starts recording net pay cheques in your bank account)

    • 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 Professional Partner Bookkeeper / Registered BAS Agent (No: 92314 015)

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    0422 886 003

    [email protected]

    https://www.accounted4bs.com/

  • HeatherHeather Member Posts: 17
    edited July 2018
    Thank You Shaz - this looks easy to follow - I will give it a go and see how I go.  Cheers
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