Almost all the entrepreneurs try to gain profits by managing cash flow and by saving money. The best way to accomplish this goal is to deal with payroll in the most organized way. You have perhaps already chosen QuickBooks Online to handle the financial or accounting issues of your company. Now, payroll creation is also easy with this software. QuickBooks’ payroll solution is available in two major versions- Enhanced and Full service. The time, needed for setting up payroll, may vary, depending on how many employees you have in your company. For saving time, it is better to collect information before starting the process.
Data on the Employer
- Compensation – It includes bonuses, tips, commission and salaries
- Other benefits and deductions – Insurances, retirement schemes, vacation policy, travel compensation, loans and many more
- Information on bank account – Consider all checking accounts to note down the number
Details of all Employees
- Schedule of payment– It may be monthly or bi-weekly. You may also create multiple schedules with QuickBooks software. Some of your employees perhaps get hourly payments, while others receive monthly salary. In this case, more than one schedule is always important.
- Deductions on paycheck– Contributions of employees to insurance and various plans
- Date of recruitment – You have to consider every employee while arranging payroll.
- Form W-4 – After engaging employees, it is essential to fill in W-4 form that allows you to know the deductions of payroll taxes.
- Authorization Form – It is essential in case of direct cash deposit. You should also include routing and account information.
Guide for Payroll Setup
Now, you can start with the main steps for setting up QB Payroll system-
- Hit Employees button at the left side of the bar
- With QB subscription, if you’ve bought payroll, you will find a new screen. You can see another option- Get Set Up, and it will reach you another screen. However, those, who haven’t registered for this payroll service, can find other option, like- Add Payroll.
- Now, from automated payroll service, you can access QuickBooks. You need to add more details in order to make sure that accuracy is maintained in W-2 form.
You need to give response to every issue from QuickBooks. For instance, you’ve to choose whether you have made payment to your W-2 staffs. Another question is about the time of running QB Payroll. You have to mention the particular date for running this software.
However, those, who have clicked on No option, will not get this second question. You should also include the method of paying employees, and it may be a traditional system or some other alternative. You will get the data from your previous payroll check, intended for all the employees.
- Then, click the option- Add An Employee that you can see on the screen.
- Fill in all the empty fields with the details of employees. As you have already collected all the information, you may not need much time to fill all the spaces. Payment schedule, amount of wages, withholding information, contribution, deductions and many more things are to be included in this step.
Thus, consider these steps, while you want to accomplish this set-up process in the right way with your QuickBooks software.