The Easiest Steps for Processing Payroll in QuickBooks
With a little help from the right source, a lot of tasks that come under business accounting, such as processing payroll in QuickBooks can be managed easily. This is one of the accounting software that enables organizations to handle payroll inside of their businesses in a swift manner, irrespective of their size.
Although this takes some time to set up initially, the process of maintenance is a lot simple and fast afterwards. This makes QuickBooks one of the best alternatives to smaller business organizations.
It is because they can save a lot of money this way, instead of outsourcing their company’s payroll to a third party. As soon as you have saved your employees’ data into the software, you only need to click a button to get their paychecks printed.
We have discussed the steps to achieve this below-
Steps for Processing Payroll in QuickBooks
Before we proceed, it is vital that you keep the following information already entered in your software. In case you entered these details, please do so before you move further to running payroll-
- Details regarding the working hours of your employees
- The bank account in connection with your organization
Once the above data is stored, you can move forward with the procedure of processing payroll in QuickBooks.
These are some of the simplest instructions that you can find on the internet. Just read them properly and execute them in the same order as we have written them below:-
Step 1- Go to the “Employee” section in the Payroll Center. You will find it at the top in the menu-bar of your program window, right beside the option for Online Banking.
Step 2- Select “OK” to begin QuickBooks online full-service payroll.
Step 3- You will be directed to the next window, where you have to enter all of the necessary details that are asked regarding payroll. This will include the following-
- New Employee data, in case you have any freshly appointed recruits or if you haven’t added the required info.
- All the other details involving your employees like the names, personal ids (such as a Social Security Number), birth dates and so on. These can be filled by opening the respective form of each and every employee.
- After this, make adjustments if necessary to the “Payroll and Compensation” tab while you are on this page. The items under this section include the payment measure that needs to be decided for the employee’s wages- monthly or hourly.
- Don’t forget to take a look at the working hours of all of your staff and make sure that the entries are all correct before you move on to actually processing payroll in QuickBooks.
- Choose between printed checks and handwritten ones.
- Set a time period for which you need to generate the payroll. Also, set the frequency for pay under every employees’ name.
- Once all of the details have been added and verified, select the “Continue” option.
Step 4– This is an important step- tax withholding. You can fill in the details for this in the Federal, State and Local sections in the Taxes column of your window. Make sure that the information entered here is correct according to your jurisdiction. Enter the required details and then select “OK”.
Step 5– Select Pay Employees>Scheduled Payroll under “Employee”. Click the payroll that you want to get printed from the options listed.
Step 6– If you are getting the paychecks printed, then you need to specify the date that you wish to show on those checks. This date should be the one that you pay all of your employees on, known as the “payday”.
Step 7– Select your preferred bank account to deduct the checks from.
Step 8– Choose the employees who are currently active, i.e., working in your organization at present by ticking the check-boxes next to their names. Select “Continue” so that QuickBooks makes the relevant calculations.
Step 9– Ensure all of the info mentioned so far is completely accurate and select “Print Paychecks”.
Congratulations! You’ve successfully completed processing payroll in QuickBooks for the first time. Now, all you have to do is pay attention to the screen and check the number of paychecks that got printed.
You can also see if any checks were set to be directly deposited and those that have not been printed yet. For any other issues or if you are having difficulty in any of the above steps, please let our specialists know- we are always ready to help.