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Yes, you are correct. If the company deferred payroll, they should book the deferral as a liability on their books
So, they incurred the payroll expense but have not paid it yet. It's a debit to payroll expense and a credit to salaries or deferral payable.
Thank you, XXXXX XXXXX guessing that the only account impacted by the use of PTO is the vacation accrual. Is that another lucky guess?Thank you!
Yes, that is correct, the vacation accrual would be impacted by the use of PTO
Finally, do you practice in California? Is there anything impacted by state law/regulations here? We are only talking about people whose reduction was to $100k annually, so there shouldn't be any wage & hour issue...
Thanks, XXXXX XXXXX practice in California so I could not speak to state laws. I would post that in an employment law question.
Is there anything else that I can assist you with today?
nope. THank you for the prompt responses!