How to process a payroll advance

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Subject Author Date How to process a payroll advance PT 02-04-2007  Re: How to process a payroll advance scfundogs 02-05-2007  Re: How to process a payroll advance catrick 02-05-2007  Re: How to process a payroll advance scfundogs 02-05-2007
Posted by PT on February 4, 2007, 11:06 pm Please log in for more thread options Let's say employee X normally gets a gross pay of $1,000.00 less associated tax withholdings, netting to a paycheck of $800.00. Now suppose that earlier in the pay period, he asked for and was given an advance of $300.00 How would I most conveniently handle the advance and then the reduced paycheck? -- PT Posted by scfundogs on February 5, 2007, 6:37 am Please log in for more thread options > Let's say employee X normally gets a gross pay of $1,000.00 less > associated tax withholdings, netting to a paycheck of $800.00. > > Now suppose that earlier in the pay period, he asked for and was given > an advance of $300.00 > > How would I most conveniently handle the advance and then the reduced paycheck? Post the original advance to an OCA account called Employee Loans. Create a payroll deduction item for loan repayment to deduct from net and assign the OCA account to it. -- Tara Posted by catrick on February 5, 2007, 1:30 pm Please log in for more thread options > > > Let's say employee X normally gets a gross pay of $1,000.00 less > > associated tax withholdings, netting to a paycheck of $800.00. > > > Now suppose that earlier in the pay period, he asked for and was given > > an advance of $300.00 > > > How would I most conveniently handle the advance and then the reduced paycheck? > > Post the original advance to an OCA account called Employee Loans. > Create a payroll deduction item for loan repayment to deduct from net > and assign the OCA account to it. > > -- > Tara You need to set up a Payroll Item called Advances. You use the Payroll module to write a cheque to the employee using the Advance Item. When you prepare payroll you deduct the Advance. See your Help files for more information on Employee Advances. Cat Posted by scfundogs on February 5, 2007, 1:47 pm Please log in for more thread options On 2007-02-05 13:30:08 -0500, catrick@shaw.ca said: >> >>> Let's say employee X normally gets a gross pay of $1,000.00 less >>> associated tax withholdings, netting to a paycheck of $800.00. >> >>> Now suppose that earlier in the pay period, he asked for and was given >>> an advance of $300.00 >> >>> How would I most conveniently handle the advance and then the reduced paycheck? >> >> Post the original advance to an OCA account called Employee Loans. >> Create a payroll deduction item for loan repayment to deduct from net >> and assign the OCA account to it. >> >> -- >> Tara > > You need to set up a Payroll Item called Advances. You use the > Payroll module to write a cheque to the employee using the Advance > Item. When you prepare payroll you deduct the Advance. See your Help > files for more information on Employee Advances. > > Cat I'm not sure why you're replying to me with similar advice. As for writing the check to the employee through the payroll module it doesn't apply here because the employee has already received the money. -- Tara Similar Threads Posted How do I charge in advance? April 14, 2007, 3:47 pm Get a flat $25.00+MUCH MORE ADVANCE February 26, 2007, 1:20 am How to Process Returns of Excess Payments June 4, 2008, 8:42 pm QBP2007 Journal Entry or process with QuickBooks? September 2, 2007, 10:45 am fudging quickbooks payroll start date if not using qb payroll service September 29, 2006, 10:01 am how to add payroll entries if not using qb payroll? September 25, 2006, 10:12 am Payroll October 22, 2006, 8:28 pm Payroll February 22, 2007, 9:47 am Payroll October 23, 2007, 1:58 pm payroll May 23, 2008, 1:48 pm