Hello I have an employee that took out $1000.00 loan and they are paying back $50.00 a week. I have entered this deduction under the employee so it automatically comes out of his check each week until he reaches $1000.00. I complete the steps below
Now what if this employee borrows another $200.00? Do i have to wait until they are done paying back the $1000.00 to enter the new loan or can i add the $200.00 to limit?
Thank you for reaching out in the Community, @MEARESPLUMBING.
Let me help share some information about assigning a deduction item for your employees.
You're already on the right track in creating the loan deduction. If your employee borrows additional amount, you can add this on the annual limit so you won't have to wait until they're done paying the previous loan.
QuickBooks will automatically stop deducting once you reached the annual limit you entered on your employee's pay information.
If you want to learn more about the types of voluntary deductions in QuickBooks, you can refer to this article: Set up voluntary deductions in Online Payroll.
That should do it. As always, you can reach out to our site if you need more payroll references in the future: Help articles for QuickBooks Payroll.
Keep me posted if you have additional questions about your payroll deduction item. I'm always here to help.
I am following this and have an additional question. I am using QBD Premier contractor edition 2018. I have added and additional loan amount to an employee with a balance but on his pay stub it shows a totally different amount as a balance in the YTD column. Please advise?
You'll need to pull up your Payroll Detail Review report. Let me add some details and guide you how.
Pulling up the Payroll Detail Review report allows you to know why your deduction's YTD is showing a different amount. To pull up the report, you can follow the steps below:
If the deduction YTD balance of your employee is more than what is intended, or the balance is lacking, you can enter a payroll adjustment. This way, you can correct your employee's YTD balance.
You can read this article for more information: Adjust Payroll Liabilities.
Please fill me in if you have any other concerns. I'll be around to help you.