How do I correct the Vacation Pay Accrued and Vacation Pay Accrual Paid Out reports where an incorrect YTD entry has been made?
I am using QB 2017 Desktop. There is a YTD entry from 2005 in each of Vac Pay Accrued and Accrual Paid out which needs to be reversed out in order to make the reports correct. QB does not allow for a negative YTD entry and I don't think I should just delete them. What is the best way to correct these two Payroll Item accounts?
Never delete entries posted in a previously closed year....
Never delete entries posted in a previously closed year. If the 2005 entries are not affecting the Vacation pay currently available to each employee, there is no need to remove or adjust it. They were likely created to adjust incorrect accrual and/or pay out, or used to create beginning balances for payroll if you started using QB payroll part way through a calendar year.
If the Vacation Accrued or Paid Out amount is incorrect, it can be adjusted in each employee's profile. Make sure the report you are viewing is set to ALL as opposed to a specific time period.