Employee Compensation Perks

by Hazel
(Arizona)

How do I account and track employee compensation perks? For example tickets to a broadway show or sporting event?

Hello Hazel,

Thenk you for your question.

Employee compensation perks can be recorded as an Employees Benefits Expense on the profit and loss statement.

Otherwise, if these types of perks were for clients, they would be recorded as Entertainment Expenses and would only be 50% deductible.

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Bookkeeping Questions and Answers.

Employees Deduction Remittance

by Rebecca
(Canada)

I have unfortunately taken over the bookkeeping in my office for my friend who passed away. I am struggling with some mistakes I have made and don't know where to turn: Every month that I do the Employees Deduction Remittance I must back date the cheque to the end of the month that I am remitting for. For December's Employees Deduction Remittance I wrote the cheque in January and it has already been sent. It should have been dated December 31, 2010. When going to printout my report for January that tells me what I owe for the end of January - it is not correct now. I have no idea how to fix this. Please help me as I am losing sleep and healther over this. 2. When remitting T4 slips the government sent me a form which tells me that my totals didn't add up correctly for my employer's EI amounts in December 2010. I found my mistakes but I am not sure what GL to write these on - I can't do backdated entries and if I have to do entries now in my GLs that will mess up my accounts for further remittances. I think I could do a GL adjustment but I am not even sure what to do with that. Please help!!

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Bookkeeping Questions and Answers.

Employee Wellness Program

by Ana
(Maryland)

For employees that picked a non-HSA health plan we want to give them $50.00/monthly towards anything related to getting and staying healthy: gym membership, exercise or sports gear, health supplements, etc.
How do I record that expense?
Thank you,
Ana.

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Bookkeeping Questions and Answers.

Reconciling an Employee's Balance

by Isaac
(Virginia)

Hi, We are a small contracting company, and we use Quickbooks. One of our employees got another job, and we are trying to reconcile his balance based on a number of things: loan taken out, employee advance on tools, vacation hours not spent, and his last paycheck. What we want to do is use his last paycheck, by his permission, against his other accounts. It would look something like this:

Paycheck: 457.87
Vacation Hrs (22): + 407.00
Loan balance: - 657.75
Employee Advance: - 400.00
Remaining balance: - 192.88

How would I put this journal entry in. Would I have to pay the check out, and the taxes, and just exclude the paycheck amount as part of the reconciliation, or could I use it as a positive balance toward his final balance? If that's the case, how would I put the rest of the journal entry in.

Thanks!

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Bookkeeping Questions and Answers.


Please subscribe to my monthly newsletter, Bookkeeping Basics E-zine. It tells you each month about the new information that I have added, including some great tips and advice from myself and other Bookkeeping Basics readers.


Enter Your E-mail Address
Enter Your First Name (optional)
Then

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you Bookkeeping Basics E-Zine.


Like Bookkeeping-Basics.net?