Payroll

SUGGESTED

have a new client. in Vacation pay in his payroll is a line "Bal. Fwd. (as of Jan 01,2020) and it has a YTD balance 4 out of 9 employees. 

I have not seen this in any of my other clients. Is this a balance still owing to the employee from 2019?

If so, how do I pay it out so it will go to 0?

Thank you

Lisa

Parents
  • 0
    SUGGESTED

    Yes vacation accrues and rolls over from year to year.  The vacation accrual from 2020 is intended for use for 2021 and anything that was accrued in 2019 is intended for use in 2020.
    You can pay out that amount on their next cheque in the vacation tab, however you will need to calculate the taxes owed on that amount since it's money paid without time being taken.

Reply
  • 0
    SUGGESTED

    Yes vacation accrues and rolls over from year to year.  The vacation accrual from 2020 is intended for use for 2021 and anything that was accrued in 2019 is intended for use in 2020.
    You can pay out that amount on their next cheque in the vacation tab, however you will need to calculate the taxes owed on that amount since it's money paid without time being taken.

Children