Hello @TwoaT ,
I'm glad you asked that question, as it is an important one and I've made quite a few posts regarding the differences between Vacation $ and Vacation Hrs entitlement, and I hope Intuit is doing something about this.
Many people have the erroneous idea that if they just divide the available Vacation $ by an employee's hourly rate, they will get the number of hours that the employee is entitled to take as Vacation, or vice versa, if they just multiply the number of hours an employee is entitled to by their hourly rate, they will come up with a correct $ amount entitlement.
The only time you can do an exact division of $ and Hrs and come up with the right answer is if the employee has 1) never had a pay increase, 2) never worked overtime 3) never taken a lump sum payout of Vacation $ at any time and 4) reached a particular year milestone where vacation pay rate changes, i.e. in SK, ten years of service nets you 4 weeks or 4/52 per year instead of 3/52.
It is also curious as to why Quickbooks Desktop versions only track Vacation $ entitlement based on the percentage applicable, and Quickbooks Online only tracks Vacation Hrs, when both are extremely important in Canadian Payroll. I, for one, would like to see both platforms be adjusted to marry the two together. Having to track either of these things outside of QB is a royal pain. Hey Intuit, you already know my feelings on this subject. Is any headway being made, especially as relates to the lack of financial entries in QBO for Vacation liability?
