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Recording Bonuses with a Journal Entry

You can use a journal entry to record employee bonuses in a similar way to how you use a journal entry to record payroll.

As with a journal entry for payroll, a journal entry for employee bonuses credits either a Salaries (Bonuses) Payable account or a Payroll Checking account.

On the debit side of the bonus journal entry, use any of the following methods:

  • Debit an indirect expense account and have bonuses allocated as overhead to all of your enterprise’s projects. You can set up a special indirect expense account for this purpose. This approach is suitable if you are recording regular, relatively modest, employee bonuses that are considered an employee benefit.
  • Charge bonuses to an Other Revenue and Expense account (in the range 800.00 to 999.99 in the standard chart of accounts). In effect, this produces a line item charge against operating profits, which falls below the bottom line. This approach is suitable if bonuses are based on profits, or if they are discretionary, large, and infrequent.
  • Charge a portion of bonuses to the direct labor accounts and the remaining portion to the indirect labor accounts, depending on the current direct/indirect labor ratio. This approach is suitable if bonuses are considered deferred compensation and are therefore guaranteed.