Hey, I have another important Quickbooks tutorial for you. You might have crashed your Quickbooks file. In this case, there are only two ways to resolve this issue: First, is to find the backup file and then restore your data with the help of your previous backup file.
And the second method is to rebuild your data within a company file. If you are one of those users who want to rebuild your QuickBooks Online Payroll item list then you can use this step by step guideline for rebuilding data..
How Does QuickBooks Payroll Work?
Well, processing payroll doesn’t simply mean transferring salaries from an employer’s account to an employee’s account, there are many deeper aspects to it. Any discrepancy, inaccuracy or delay in the paycheck of the employee will only lead to dissatisfaction and accounting blunders.
It is important to configure QuickBooks rightly for accurate and efficient Payroll processing.
Here are the steps for setting up payroll in QuickBooks:
Decide payroll system (Monthly/ Weekly/ Quarterly)
Draft a payroll policy for your organization
Collect all your employee information
Set up a direct deposit
Next, work towards implementing a tracking system
Review your employees’ timesheets
Approve timesheets and proceed with submitting payrolls
Save these payroll records for future references
Suggested Read: List of Best Payroll Software for Small and Medium Businesses
How to Process Payroll on QuickBooks Desktop?
Once you are done with setting up your payroll, banking, and employee time tracking accurately, entering payroll on QuickBooks will be quite simple. Before every salary cycle, follow the steps below to initiate the payroll process.
Step 1: Go to the Payroll Section in QuickBooks
quickbooks desktop payroll
To start with processing payroll:
Tap on ‘Employees’ on the top left corner of your screen.
Choose ‘Payroll Center’ and tap on ‘Pay Employees’.
However, if it’s your first time, just click on ‘Ok, I’m Ready!’ and get started.
Step 2: Select the Type of Payroll You Want to Run
intuit online payroll for accountants
You can choose scheduled or an unscheduled payroll before setting up payroll information in QuickBooks. If you choose to go for a scheduled payroll, it will take you to another screen, where you’ll be first required to assign one or more employees to the payroll schedule. To complete this:
Go to the ‘Employees’ tab on the left side of the screen and choose the employees you want to add to the payroll schedule.
Next, navigate to the respective ‘Payroll Info’ tab of each employee and assign a schedule to them in the ‘Payroll Schedule’ list available in the dropdown.
However, if you select an unscheduled payroll, follow the next step.
Step 3: Insert Payroll Information
intuit full service payroll
Enter all the information like the pay period check date and end date
Next, select the bank account from which you want to pay your employees
Choose whether you want to issue printed checks with QuickBooks, or handwritten checks
Select the employees that you want to pay for
Review their work hours before initiating the payment. (You can pay as many employees as you want, but make sure that you add them to the payroll schedule).
Next, click on ‘Continue’ to proceed.
Step 4: Review and Make Paychecks
Review and ensure the information that you have entered is completely correct. After making payroll entries in QuickBooks, it will tell you the number of paychecks that will be issued on the left side, below ‘Payroll Information’.
In addition to this, it will show you total gross pay, net pay, taxes, employer tax contributions, other deductions, total hours, and direct deposit amounts for the payroll period. Now, after reviewing click on ‘Create Paychecks’.
Step 5: Confirm Payroll
After all these steps, you have been successful in setting up payroll in QuickBooks Desktop. The final screen will tell you the number of checks you have created, the number of checks that are ready for printing, and the number of checks that need to be deposited directly.
Now, from here, either choose to print each employee’s check or send it through direct deposit processing and print pay stubs as required. If you face some troubleshooting issues, you can run through QuickBooks Help Centers or reach out to them on QuickBooks Payroll Support through a call.
How to Run Payroll Summary in QuickBooks Online?
QuickBooks payroll summary report provides you with the exact amount of how much you have paid so far which includes the actual salary, bonuses, incentives, etc. You can also check total deductions, taxes, PF/ESIC contributions, etc.
Here is how you can generate payroll summary in QuickBooks online:
Navigate to ‘Reports’ menu
Locate and click on ‘Payroll’ section
Go to ‘Payroll Summary’
Now, from the dropdown menu, select a date range
You can choose a single or a group of employees
Now, finally, click on ‘Run Report’.
Suggested Read: Things to Consider When Incorporating Payroll Software in Your Business
Benefits of QuickBooks Payroll for Small Business
Along with automating your payroll process, QuickBooks online helps you in eliminating human errors, staying updated with new tax rules and regulations,
attaining accuracy, etc. Let’s understand in detail how QuickBooks online can make your monthly and year-end payroll processing easy.
Efficient Payroll Processing: Recording payroll in QuickBooks allows you to track the working hours of every employee.
QuickBooks reduces error, saves time and automates repetitions for optimum efficiency.
Follow Compliance: With QuickBooks Payroll, you don’t need to worry about staying updated with all the new laws and regulations.
The software keeps track and updates to ensure that you work according to the latest tax regulations.
Attain Accuracy: With QuickBooks payroll you can eliminate mistakes and calculation errors. It allows you to generate accurate Pay slip in time with all necessary deductions.
Reduce the Year-End Burden: QuickBooks features like automated tracking, generating reports makes your year-end less stressful.
Organized Employee’s Information: QuickBooks keeps your employee’s information organized so that it can be easily accessed by accountants and HR personnel. You don’t need to spend hours finding a transaction in paper piles.
Track Fringe Benefits: Quickly track all the additional benefits offered by the company to every employee through the centralized database.
The payroll feature within QuickBooks is a particularly useful tool should you need to manage payments to your employees. Though the program creates paychecks,
it’s not able to maintain this information on its own, so without the additional manager provided by Intuit, your payroll checks will not be completed. By encouraging your employees to maintain accurate and updated information in their items list, you can ensure that they are receiving their appropriate payment.
As well as paying them correctly, Quickbooks have created the option for you to view your Item list. This allows you to see where all of the money is coming from and going too.
Even if your employees are following the same process every time you can still see what funds may become depleted or overpriced. You can also see how much money is left for each individual employee. If a specific employee has an unexpected event then you will be able to check their item list and remove money from another part of that employee’s pay in order to cover any outstanding costs that they may have incurred.
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