Payroll is the total compensation that is paid to employees for their services by business owners or companies. The payroll information serves as a useful analytics tool for businesses as the payroll summary report or the breakdown of payroll report according to different criteria can help the businesses in tracking their expenses by department, location, etc.
How to View and Extract Payroll Breakdown Report from QuickBooks?
You can put different filter criteria like by employee, department, office location, etc and extract your QuickBooks payroll breakdown report as per your requirement:
- At first, click on Reports > choose the report that you wish to extract or run.
- Now put filters according to date range, employee, location, etc, and choose an update report.
- Now you can choose to view the report in Excel itself or you can extract the report in excel and print it.
Preferences set up for tracking payroll expenses by classes
You can also set up preferences for tracking payroll by classes, for this you just need to follow the below simple steps:
- First of all, click on the Edit menu > Preferences > Accounting > Company Preference.
- In this step, select Use class tracking and click on OK. And click yes to save changes if asked.
- Now in the Preference window> click on payroll and employees > select full payroll from QuickBooks payroll features.
- After that, choose Job costing, Class, and item tracking for payroll expenses. For assigning one class to an entire paycheck, click on Entire Paycheck, or for assigning a class to each item to paycheck, select earning item. At last, click on OK.
This can help in tracking the payroll expenses by classes.
Different Types of Payroll Breakdown Report
Employee Data Reports
This report helps in managing headcount. It also gives details regarding total labour hours, total wage expenses, etc. The report comprises with following details:
- Payroll summary: Individual employee wise, or for all the employees together with a specific date range. The report includes information regarding Gross and net pay, tax calculations, and other deductions.
- Payroll details: Drilled down information on individual payroll.
- Deduction and contribution: Individual and collective employees’ contribution as well as the company’s contribution to single pay.
- Employee details: List of employees, addresses, hire dates, termination dates, pay rates, tax, and other personal information.
Employer Administrative Reports
This report comprises the following details:
- Payroll tax liability: Payroll tax withheld, paid and owed for the employees.
- Payroll tax payment: shows the total payroll tax payment for the entered period range.
- Other details like workers’ compensation, vacation, and sick leave, total payroll cost, Payroll tax, and wage summary, Retirement plan, Payroll billing summary.
These reports can be extracted from the QuickBooks as explained earlier easily in Excel format and serve as a helpful source of information for the human resource department as well as payroll employees. And needless to say, that the report thus extracted is very useful for verifying and tracking payroll expenses.
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