Try the Complete QuickBooks Course Free!

QuickBooks 2014 Training: How to Use QuickBooks Payroll- The Payroll Process (pt 1)

/ / Latest, Quickbooks

To view the complete tutorial, click here

 

 

 

 

 

 

 

 

The QuickBooks Payroll Process:

Before you can use the payroll features of QuickBooks, you must set up payroll for your company in QuickBooks. To find out how you do this, select “Employees| Payroll| Turn on Payroll in QuickBooks” from the Menu Bar. In the window that then appears, you can evaluate the payroll plans and purchase a payroll plan through QuickBooks to begin the setup of your initial payroll data.

After you have purchased a payroll plan you can setup basic payroll information by selecting “Employees| Payroll Setup” from the Menu Bar. Use the “QuickBooks Payroll Setup” wizard to input the information that QuickBooks will need to know in order to begin processing payroll for your company file. QuickBooks uses the tax tables that come with your payroll subscription to calculate employee payroll. QuickBooks calculates each employee’s gross pay, taxes, deductions, and net pay. In QuickBooks, you can write the paycheck, record the transactions for the correct accounts, print payroll forms, and keep track of your tax liabilities.

As an employer, you must subtract taxes and other deductions before issuing an employee’s paycheck. Some typical paycheck deductions are federal and state withholding taxes (income taxes), social security taxes (FICA), Medicare taxes, and state unemployment insurance. You may also deduct for benefits such as 401 (k) plan, or contributions to your company’s medical/dental plan. When you withhold social security, Medicare, and federal withholding taxes from employee paychecks, you must submit regular deposits of the withheld money and file quarterly forms that list the amounts withheld from each employee paycheck. Here is an overview of the payroll process and the steps that you must complete to do payroll:

  • Enter information about your company. This includes information about your federal and state tax ID numbers. You enter this information when you set up your QuickBooks company. You can view company information by selecting “Company| My Company” from the Menu Bar in QuickBooks 2014 or “Company| Company Information” from the Menu Bar in QuickBooks 2013.
  • Enter information about your employees.  The QuickBooks “Employees” list stores general information about your employees, and specific information related to payroll (such as the employee’s salary or hourly rate, filing status, number of exemptions, and miscellaneous additions, deductions, and company contributions). You can store payroll information that most employees have in common in employee defaults. Then, whenever you have a new employee to add, simply enter information that’s specific to that employee (name, address, etc…).
  • Enter information about your payroll items.  QuickBooks maintains a “Payroll Item List” that contain items that affect the amounts on a paycheck, including company payroll expenses. When you specify you want to use payroll, QuickBooks creates most payroll items for you but you add others if needed.
  • Tax tables for fed, state, and local withholdings.  QuickBooks uses tax tables for payroll calculations. You get the current tax tables and keep them current when you subscribe to one of the QuickBooks payroll plans. If you choose not to subscribe to one of these plans, you must calculate and enter payroll tax deductions manually for each paycheck

 

 

 

TOP
Sale!    $49 All-Access! 0 Days 10 Hours 35 Minutes 51 Seconds      $199$49 Access to Entire Library!
See Deals