How to enter payroll in QuickBooks
QuickBooks is a one-stop accounting software provided by Intuit, allowing the small and medium-sized business to handle their accounts, bookkeeping, and payroll work with ease. QuickBooks payroll setup may cost you some time and energy, however, once it is done, you will have a seamless payroll handling experience.
As a small business owner, you are already aware of the importance of getting payments and providing payments. If any of your customers don’t pay on time, imagine the kind of chaos you will deal with from debts, employee pressure, and business getting misbalanced. Therefore, automated payroll setup has become a need of an hour!
QuickBooks is an ideal option for small scale business who couldn’t afford the money for outsourcing their payroll. Small and medium-size businesses don’t have many employees, so payroll maintenance doesn’t seem to be a challenge in house.
What are some great benefits of maintaining Payroll on QuickBooks?
Before you sit down and begin to proceed with your payroll, you must be aware of its importance. You have absolutely no idea about the help this software can provide to you. Only that you can pay your employees easily, what more? Not to worry, there is a list of things you can do from it, just take a deeper look at exactly all the points mentioned below.
It saves every single personal and professional detail of employees
- Employee pay rate
- Employees W-4s
- Employees Deductions
- Direct Deposit Authorization Forms
- Basic business information
- Update about pending’s of payment
- Business bank account login details
Payroll Setup: Handy List you must have
Below is a checklist of all that you can use to ensure everything is on point, present and you also need employer, employee data together.
- Employee Benefits: Health, retirement, vacation, sick leaves, flexible spending
- bank account details: The bank details to make instant payments directly
- Form W-4: When hiring, this form needs to be filled by an employee
- Pay rate: hourly or salaried
- Hire date: Each employee date of hire
- Leaves: No of leaves, paid time off, unpaid leaves.
How to setup QuickBooks Services for Payroll?
There are not many steps to follow if you are using your payroll management to get done with employee payments and safe transactions. Here is how you can go about the entire process without having to worry about it much.
Search for Payroll
Move to Payroll in the left menu bar. You can choose to set payroll for employees, contractors, and workers. Click on the employee’s option. You can select your desired subscription plan and select different features from your recommended list.
Enter Basic Information
You will need to enter basic information about your business to set up your payroll
- Have you paid your employee until now?
- When is your next payday?
- Your work location?
Add your Employees
Put all the employees on the list, so you can set each one’s payroll and get them paid. Add personal information of each employee, their pay schedule, their pay rates, deductions, withholdings, payment details.
If you are paying your employees through a direct deposit, then you need to also fill the form for
it, sign, and provide the date. A voided check may also be provided for your employee, just to ensure that account information is proper. These documents will be kept as a record so you need not have any confusion.
Add Workman’s Comp Policy Information
Add your workman’s comp policy, if you are covered, the software itself allows you to add policy details. If you don’t have any, you can opt for it through the software, choose the right one. Also, have a look at each one, understand it first and then give your statement that you comply. If you have an attorney around you, it will be great, they will guide you properly.
Fill in the correct information of your payroll and taxes, forms as well.
Connect your bank account:
The account from which your money will be going to the employee’s bank account.
Sign up for your Tax form:
This isn’t going to take up much of your time, it is good for the safe side.
This is the last step, and you have surely attained the position of getting the most out of your payroll. Seamlessly pay your employee the right payments at the right time and get no payment delay complaints
If you are now aware of how to handle your payroll and set it up on QuickBooks, what has kept you on hold? Go ahead and enjoy your progress, let your employee feel confident because they can receive the payment without any delay. It will not only keep a positive environment in the organization but also help you well for knowing your payments.