How To Setup QuickBooks Payroll Holiday Pay?
QuickBooks has now provided you an option of holiday attribute in payroll that made managing holiday pay much easier. Now you can easily setup QuickBooks Payroll Holiday Pay.
If you don’t know the process to set up payroll holiday pay then this article can be very helpful for you as we will be providing you the steps to do the same. You can also get in touch with us at our QuickBooks Payroll Support Phone Number +1855-548-3394 if you are having any issue while setting up the payroll holiday pay.
What Is Holiday Pay?
Prior to setting up the holiday pay, you need to know about what holiday pay is. Well, this section of the article will tell you that.
The paid amount for holidays given by companies is known as holiday pay. This holiday pay includes a national holiday or thanksgiving day when the company is actually closed and the employees are given leave from the work. In such situations, the business owners have to pay for all the holidays in the employees’ paychecks.
Majority of businesses in the US follows the Federal Reserve holiday calendar that offers at least 9 paid holidays leaves every year.
How To Setup Holiday Pay To The Payday Page Of An Employee?
- Open QuickBooks and navigate to the Employees menu.
- Select the name of the employer and then tap on Edit Employee option.
- You will have a question on your screen asking – ‘How much do you pay this employee?’. You need to click on Add extra pay types if any other category is not nominated by you.
- Mark the Holiday Pay checkbox
- Click on Done to complete the process.
How Can You Add Holiday Pay And Accrual In QuickBooks Payroll
QuickBooks lets you add holiday time and accrual and you can easily reference it later while making the payment to the employees.
- Open the Employee Center from the Employees menu.
- If the employee’s name already exists then you need to right-click on the employee and select the Edit Employee option.
- Click on Add Employee if it is not there.
- Navigate to the Payroll Info tab and select Holiday Pay option.
- Provide the pay amount and pay using YTD.
- You can select Retain if you want QuickBooks to create an estimate of holiday pay for the entire year.
- You can also choose the Pay Every Period option if you want QuickBooks to calculate the holiday pay of each employee and include the same amount in their paychecks.
- Default ratio value for holiday pay is 4{ad94fcce2115b5d52d0cb648b6c840a74fb571cbcec2f210095c408bf3ea764d} but you have the option to set it as per your requirement.
- Now, click on OK to complete the process.
How Can You Adjust Holiday Pay In The QuickBooks Payroll Holiday Day Software?
Modifications in employee’s holiday pay will affect the financial records and reports as well. You can regulate the total amount of holiday pay while preparing future paychecks.
- From the Employees menu, click on Pay Employees.
- Choose Scheduled Payroll or Unscheduled Payroll.
- Choose the employee and then click on Continue
- Go through your cheque preferences and make sure they are appropriate.
- Choose the employee name in which the changes will make.
- Navigate to Review or Modify Paycheque box and then provide the paycheque details.
- You will have an option of VacPay-Accrued with a total which is included on the cheque.
- Click on Save & Close and then click on ‘Create Pay Cheques’ option.
Reach Us For Support
Hopefully, you find this article helpful and you understand what QuickBooks Payroll Holiday Pay is. You should now be able to set up the holiday pay in QuickBooks. In case if you are not able to set up payroll holiday pay or you are not able to understand any of the steps then you can get in touch with us at our QuickBooks Support Phone Number +1855-548-3394 toll-free.