We have an employee who was given a cash "gift" of $100 for helping out with a task in another department. Now I need to make an entry to add $100 to her payroll to calculate the tax impact of the $100, then back out the $100 to avoid giving her an additional amount. Paychex had an easy way of doing that, and the people there always just referred to that as an "in and out" payroll entry.
So how do I do that in QB (Enhanced)? I assume I need a taxable pay type to add and a non-taxable deduction item? Is there a more formal (correct?) name for these types rather than "in and out"? I tried to look on the help documentation, but I don't know what QB calls it so I found nothing.
As always, thanks in advance.