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Set up Payroll in QuickBooks

Set up payroll in QuickBooks

What is payroll?

It is a systematic process used to perform payment management operations regarding the wages of the organization. The payroll process is implemented to balance & reconcile entire data including deposits, tax & reports. It acts as a structured method to acknowledge employees’ salaries.

Payroll plays a major role to maintain the insistence of the employees. Thus, the majority of the essential tasks like the amount of time, training, & controlling recruitment for their business process are carried out with payroll. Generally, the process of payroll is tricky & difficult. The small organization doesn’t want to hire a dedicated team for payroll management as they all want cost-effective outsourcing. So, QuickBooks is the best software to perform payroll with less time and also save money.

Why set up payroll in QuickBooks?

The small business organization makes use of QuickBooks payroll due to its flexibility & effective features. This reduces the efforts of managing paperwork records. This helps to manage taxes, complex calculations of their interest. This makes a smooth system to store facts about recently recruited & existing employees. It helps to boost employee morale, determining compensation, & maintain the company reputation.

Some of the features of setting up a QuickBooks payroll:

  • This permits the easy generation of a paycheck by simply filling hours of the employees
  • Deductions, taxes & earning are calculated instantly
  • The employee can get paid without any delay
  • Reduce efforts in file & tax calculations
  • It permits services like Health benefits, automated tax payments, HR services, Tax penalty protection, Same-day direct deposits, automated tax filling, and more.

What are the things included in the payroll?

Payroll refers to a business function to control the salaries of the company’s employees. This involves information gathering of an employee like period, deductions, salary distribution, incentives management and more. 

The major components are mentioned below:

  • Progressing department pay policy like a fixed variable, dynamic benefits, incentives, leave encashment parameters, etc.
  • Characterizing pay slip elements including basic, LTA, variable pay, & HRA.
  • Collecting the additional payroll inputs for instance travel expense, amount of employee consumed meals
  • The accurate collections of amount deductions, gross salary, and non-statutory deductions, net pay, etc
  • Salary release & depositing certain dues such as TDS & PF.

List of employee information required for payroll setup:

  • Employee compensation: It determines bonuses, tips, hourly wages, incentives, salaries, etc.
  • Bank Account information: The entire routing & account number of the checking account
  • Employee Benefits: Retirement plans, Sick leaves, FSA, Health insurance and more
  • Addition Deductions: Travel & meal reimbursements, union dues, etc.
  • Liability information: Entire logs of liability payments & copies of complete liability checks.

How to set up a Payroll in QuickBooks?

Open payroll Setup wizard:

  • Open QuickBooks Desktop
  • Choose the Employee option appearing on the top of the toolbar
  • Locate drop-down menu named Payroll Setup
  • Pursue the Payroll Setup wizard questions

How to Setup enhanced Payroll:

  • Discover workers & choose Employees
  • Click on Get started with QuickBooks Payroll to start the setup process
  • Fill up the employee & company information including when you first run QuickBooks payroll & how did you pay employees
  • Locate Add an employee
  • Fill the information including payment method, pay schedule, withholding information, etc.

 How to run Payroll?

  • Locate Employee located on the left menu 
  • Hit on Run payroll
  • Input current payroll hours and fill the information like a bank account, pay date, salary employee, pay period & total pay.
  • Recheck the filled details & submit payroll

Bottom line:

Hopefully, this blog guided you to set up payroll in your QuickBooks software. The process of payroll is little tricky so, if you ever stuck in performing any of the steps or to know more about payroll and other QuickBooks errors, contact the expert team at toll-free QuickBooks Payroll number 18008166849. The team members are available 24/7 to address all your issues and provide you the best resolution. In case, you unable to call, you even drop an email with a query and get better assistance.

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