We want to post the stat holiday pay to a separate COGS labour account. How do I set that up?
QuickBooks Online is all about giving you control, so I'm happy to see you're looking to elevate the payroll experience by adding more powerful organization. By keeping track of different wages in separate accounts, you're able to gain more insight from the system's already stellar reporting functions. Whether you're using Standard or Advanced Payroll, I can show you how to set this up.
QuickBooks Online Standard Payroll gives you the power to select an account per income type. By default, all wages go into the same expense account. We can change this in just a few easy steps:
Click on the Gear icon then select Payroll Settings.
Select Accounting beneath Preferences.
Under Wage Expense Accounts, choose I use different accounts for different wages.
Select your desired account for each income type then click OK when done.
Setting this up is similarly simple if you use Advanced Payroll Powered by WagePoint:
Click on the Gear icon then select Advanced Payroll settings.
Select Chart of Accounts, then expand the Advanced option to map your payroll accounts.
Click on All wages & earnings expenses to see all income types, then select your desired accounts.
Click Save when done.
Feel free to let me know if you'd like any additional assistance! Mapping accounts only takes a second, and it'll keep your payroll running smoothly going forward.