QuickBooks Online is an Intuit product that caters to the need of small-sized businesses. It is a cloud-based platform wherein users can manage their clients by paying monthly subscription fees. QuickBooks Online offers 3 types of payroll plans that you may have to subscribe for using the Payroll feature, these plans are as mentioned below:
- Core Payroll plan
- Premium payroll plan
- Elite Payroll Plan
What are the Benefits of QuickBooks Online Payroll?
Some of the benefits of using QuickBooks online payroll is explained below, which will also justify its importance:
- It will help in setting up automatic payroll runs so that you can pay attention to other day-to-day business activities.
- It will help in the calculation and filing of the payroll taxes.
- It will help in increasing liquidity with same day Direct-deposit feature.
- It will help in managing employee benefits from the QuickBooks account.
Process Steps for Completing Payroll Run in QuickBooks Online
- First of all, click on payroll menu >and then find and click on Run Payroll.
- Select the Payment schedule > Continue. After this, select the employees for the payroll run, enter the payment period and date. Check and verify bank account for payment purposes is correctly selected or not.
- Now change the employee’s payment method, if required, then you need to enter the work hours (if applicable).
- Now for previewing or editing the payroll click on the pencil icon i.e.; Edit and click OK once satisfied.
- In the last step, click on Submit Payroll > then Print Paychecks (if needed) > Finish Payroll to complete the entire process.
Also Read: Adjust Payroll Liabilities in QuickBooks
What do three different QB Online Payroll plans offer?
- Core: this is the basic plan; it will help in paying your employees and will calculate your payroll taxes.
- Premium: Apart from the basic plan services it will help in managing your team and perfect payday.
- Elite: It will provide on-demand expert services for simplifying the payday and other services.
What all things are covered in a Payroll report?
Some of the components are multiple work locations, deductions, and contributions, payroll tax liability, payroll tax, wage summary, time activities, vacation, sick leaves, worker’s compensation, etc.
Will QuickBooks online help in paying payroll taxes?
Yes, if you have enrolled for full payroll service. In any other case, you will have to pay it directly to the IRS.
How many employees are required for using QuickBooks Online Payroll?
You can choose different types of plans as per the number of employees 1 or many. For QuickBooks online specifically, it serves better if you have more than 1 employee.
Can you please explain Payroll clearing in QB Online?
It is a default liability account for your payroll liabilities which are mostly taxes and deductions that you withhold from your employees’ pay. Will I have to use additional login to use QuickBooks Online payroll?
No, QuickBooks online payroll is integrated within QuickBooks Online, you can use the same login credentials.