In QuickBooks Online Payroll (QBOP), there are only three pay frequency options available: weekly, fortnightly, and monthly, Leveena.
QuickBooks currently doesn't support annual pay runs. However, you can create a journal entry or enter a deduction to a pay run to offset the director's loan as an alternative.
If you want to enter a journal entry, we recommend consulting your accountant before proceeding to ensure the accuracy of your financial data and proper compliance.
If you prefer to add a deduction to a pay run, you'll need to set up a deduction category for the director. Here's how:
- Go to Payroll, then select the employee you wish to add the deduction to.
- Select Pay Run Inclusions from the left-hand menu, then click the Add button next to Deductions.
- Choose the Deduction Type and Amount.
- Select the method This deduction should be paid.
- Enter any other relevant fields (including start and end dates), then select Save.
For more details about payroll deductions, please see this article: Set up employee deductions.
If you have further questions, please don't hesitate to let us know in the comments section below.
