Creating separate payroll is a great idea, usercheryle.
Yes, we'll need to create separate accounts for the grants. Here's how:
- From the Gear icon and then select Chart of Accounts.
- Select New.
- Choose the appropriate Account Type and Detail Type.
- Enter the name.
- From the Currency drop-down menu, select the foreign currency.
- Select Save and close.
- Repeat the process.
To ensure the correct account is assigned to the class, let's set up your accounting preferences. I'll show you how:
- Go to Settings, then Payroll settings.
- From Accounting, select Edit.
- Next to Class Tracking, click Edit.
- Select how you want to track classes.
- Choose the account name exactly as it appears in your chart of accounts for each employee.
- Select Continue, then Done.
Then, change the class on the employee's profile before running payroll.
Once done creating paychecks, I'd recommend running a Payroll Summary report to view the wages, taxes, deductions, and contributions totaled by class. Here's how:
- Go to Reports, then Standard.
- Type in Payroll Summary from the search field.
- Select Customize.
- In the Workers’ comp class drop-down menu, select the class or classes you want to show in your report.
- Click on Run report.
Please know that I'm always here to help you if you have further questions about class tracking or any other payroll concerns. Just add a post/comment below. Have a great day ahead!
