2019-12-10 Hypha Worker Co-op: Finance WG Meeting

Time: Tue, Dec 10, 2019 @ 4:30pm
Location: https://jitsi.hypha.coop/hyphacoop
Attending: bl, yj, pc
Cultivator: bl
Notetaker: bl

Agenda

#acc indicates questions for our accountant

Consensed on using Wagepoint
Vacation earned
- Based on pay, or hours
QB does employee vacation on $ values
From accounting perspective, the vacation days an employee takes comes out of a different account
At what rate does it get paid out?
- At pre-defined rate?
Each employee keeps an individual vacation account
pc: https://blog.wagepoint.com/canada/4-ways-to-handle-vacation-pay
bl: get 4% added every paycheque, least admin burden
yj: “we want to have vacation pay”, so clearing out the vacation pay account every paycheque seems to walk back on that
pc: okay with Option 1 for now, but agree with yj that it feels to not be what I want long-term
pc, yj: want to do Option 1 until we inquire best option from our accountant #acc
- bl: +1
Each paycheque +4% of the amount on the paycheque earning
yj: collect TD1-ON and TD1 soon
- pc: will do
bl: walked thru opening a balance in TransferWise
yj: pro-forma, not legally binding, if payment not received we can send an invoice that is legally binding
- yj: other option, receive money then change the invoice, seems shady
- yj: when this becomes a problem we’ll probably have multi-currency accounting
- pc: okay with pro-forma not being legally binding
bl, yj: clarified process to do pro-forma (as QB invoice) -> invoice
- In pro-forma stage, we can still do NET30, but exchange rate is an estimate, and upon receiving the money, adjust to actual exchange rate and change title to invoice to send client

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