What is Quickbooks Gusto Payroll Integration & How does it works?
As a small business owner, there are many hats you need to wear. One of the most essential hats, at least for workers, is the payroll cap. Payroll processing can intimidate anyone, particularly if you’ve never had to deal with payroll taxes or process payroll taxes.
Designed for those frustrated initially by the thought of preparing payroll, don’t worry! Gusto payroll integration with QuickBooks provides a range of tools and services developed with small businesses in mind. Let’s explore the integration process in detail via the blog.
Who is Gusto payroll for?
Gusto is specially designed to make the payroll process automate and it is especially ideal for small businesses that pay workers for the first time, such as local restaurants. Gusto is also a good fit for organizations searching for administrative management for employee health and retirement benefits or looking for quick access to human resources (HR) tools.
Features of Gusto payroll
It offers numerous features that are listed here:
- Flexible payroll schedules
- Contractor payments
- New hire reporting
- Multistate capability for payroll.
- Unlimited off-cycle and payroll incentives.
At no extra cost, Gusto also supports direct deposits. Some of the additional features include:
- Employee onboarding
- Process tax forms
- Handle pre-tax benefits
- AutoPilotⓇ payroll
- Digital pay stubs
- Account integrations
Step-by-step instructions for Gusto payroll integration with QuickBooks
This integration process becomes a great help for those who are starting to handle payroll for the first time. It is also considered the best payroll solution for business owners in terms of saving time on payroll and more.
To make such features in use, you need to integrate, and here is the complete integration process:
Set Up QuickBooks Desktop
Total Time: 15 minutes
Initially, sign in to the Gusto
Next, go to the section Settings
Now, hit the Integration tab
After that, select Accounting under Categories
Select and click the title named QuickBooks Desktop
And then click Connect
Once clicked then enter all relevant credentials related to your QuickBooks Desktop in order to get connected
Now, you need to upload and map the Chart of Accounts from QB to Gusto
💠 For that, you’ll be asked to map the following Gusto payroll items:
🔻 Earnings Types (Bonus, Regular, Commission, etc)
🔻 Benefits expenses
🔻 Employee taxes
🔻 Bank Account
🔻 Benefit Liabilities
🔻 Garnishment/Deduction Liabilities
🔻 Owner’s Draw
💠 Basically, all the options in Gusto are generated based on what’s in that file and then do the mapping process. Data can be exported to an Intuit Interchange Format (IIF) file once you have mapped your chart of accounts, which you can then download and upload to your QuickBooks Desktop account.
💠 And then do the benefits and deductions as per the requirements. However, Gusto does not take any money for benefits or deductions, it generally includes mapping for benefits/deduction liabilities. This will produce line items inside the journal entry and accrue a benefit/deduction balance owed. In QuickBooks Desktop, you can mitigate the debt and cancel out the amount owed when the benefit/deduction is then charged to the right party.
💠 After that, for the department mappings: Another way to add more granularity is with department mappings. You may use separate accounts for the various payroll items within a department using department mappings.
Gusto payroll features an intuitive interface that even new users will have no trouble navigating and are pretty easy to use. The dashboard shows reminders to complete pending activities, such as approving demands for time off or completing letters of offer from new employees. With this guide, you’ll get a complete awareness of Gusto payroll integration with QuickBooks.