Employee Opening Balances

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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
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Posted 2 years ago

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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:
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)

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Thank You Shaz - this looks easy to follow - I will give it a go and see how I go.  Cheers