How to Set Up Vacation
What you need to know:
AgExpert Accounting provides several options for managing vacation pay for eligible employees. Vacation pay can be paid on each paycheque or retained and accrued for future payout. It can be calculated as a percentage of salary or wages or based on a set number of vacation weeks.
When vacation pay is retained, the accrued balance is tracked within the employee's profile and can be paid out on a separate paycheque when required. AgExpert Accounting also supports vacation tiers, allowing vacation entitlements to increase automatically based on an employee's length of service.
What you need to do:
Determine how vacation pay will be handled: retained, paid out regularly, or not received.
Decide the vacation entitlement percentage or number of vacation weeks.
Identify the expense accounts required for tracking vacation pay.
How to (Step by Step):
Click Payroll.
Select Employees.
Choose the employee to update.
Select Employment.
In the Vacation pay section, use the drop-down menu to select the mode of Vacation pay:
a) Pay out vacation
b) Retain vacation
c) No vacation (if they are not eligible)
If an employee is not eligible for vacation, click Save.
Otherwise, use the drop-down to select the appropriate option for Enter pay vacation pay rate as either Weeks or Percent.
Note: When choosing Weeks, AgExpert Accounting automatically calculates the equivalent vacation percentage.
Select the Expense account for vacation pay with the drop-down menu.
Click Add to enter the Vacation time as weeks or percentage, along with when the employee is eligible for that vacation tier.
Click Add if there is more than one vacation time tier.
Tip: If the employee is to receive vacation benefits immediately upon starting work, enter as 0 for the number of years.
Click Save.
References and Additional Resources
Still have questions? Contact support
Contact us at 1-800-667-7893 or email support@fccagexpert.ca if you require additional support. You can find other help options under the Question Mark Icon in the top right of AgExpert Accounting at any time.