Providing Employee compensation is a large responsibility for every business. That helps to grow the business and helps to win employees’ trust. But there is a problem that some companies do not have sufficient knowledge about the payroll usage process. To solve this problem, you can use QuickBooks Payroll. QuickBooks is a web and application based accounting management platform designed for all-sized businesses. So in this blog, we are learn how to process Payroll in QuickBooks and its implementation in detail.
What is Payroll in QuickBooks?
QuickBooks is an accounting software that provides many features to manage payroll. Payroll is a management system used to manage employees’ salaries. It ensures that all the workers get their payment accurately without any delay. It fills the taxes automatically, integrating your accounting system and also handling the payroll checklist in QuickBooks. It automatically tracks all the sales and records transactions, generates and sends invoices, and calculates employees’ net salaries, including PF, TDS, ESI, incentives, and bonuses, perfectly.
Types of Payroll in QuickBooks
QuickBooks provides several types of payroll services through different types of subscriptions that manage QB users’ workflow and save unnecessary payroll expenses in QB, and also help to categorize payroll in QBO. There are primarily three types of QuickBooks Payroll available.
- Basic Payroll: It was designed to fulfill basic requirements for small businesses. It provides services such as calculating Gross Pay, Net Pay, and some other simple things.
- Enhanced Payroll: It adds some extra QuickBooks Payroll features compared to basic payroll. QuickBooks Enhanced Payroll Subscription provides advanced services for all-sized businesses. It automates maximum things such as tax filing, payments, managing unemployment insurance, and allows integration with other businesses, and many more. It basically streamlines the complex payroll process and helps users to grow their business with maximum time saving.
- Full-Service Payroll: It offers comprehensive payroll outsourcing. It provides all the payroll services such as salary calculation, tax withholding, direct deposit, tax filings, and year-end reporting, and also helps users to fix payroll setup errors or unrecoverable errors by a QuickBooks payroll service provider.
Reason to Process Payroll in QuickBooks
Process payroll in QuickBooks is the smartest way to easily calculate and manage employees’ salaries. Managing payroll is a time-consuming task that requires a perfect and accurate result. By run payroll in QuickBooks, you can get many benefits.
- Automate taxes: Doing the payroll in QuickBooks automates taxes. It calculates and files federal, state, and local taxes automatically and provides Tax Penalty Protection.
- Time Saving: By automatically managing all the data, manual works are reduced.
- Reduce Errors: By the automation system that reduces manual entries and provides results with accuracy.
- Timely release of employees’ salaries: That is the main reason to use payroll in QuickBooks. Because of the automation system, QuickBooks Payroll ensures that every employee gets their net salaries on time.
- Streamlined Record-Keeping: It automatically generated tax and other reports and kept them updated.
How to Set up QuickBooks Payroll?
To set up QuickBooks Payroll, first, you need to choose a subscription plan, which is compulsory to Process Payroll in QuickBooks. There are several types of plans available, and you need to choose one that meets your requirements. There are two additional charges. The basic plan is $6 per employee, and the premium plan is $9 per employee. There are all types of payment options available. After choosing the subscription plan, you need to enter your business details, including your company locations and tax details.
Steps for Process Payroll in QuickBooks Online and QuickBooks Desktop
QuickBooks Online:
Here are the steps for how to process Payroll in QuickBooks Online (QBO).
- Open and log in to QuickBooks Online
- In the starting go to payroll from the left menu
- Then, click on Run payroll to start it.
- Choose the pay schedule according to you.
- Select employee to add in payroll.
- Enter the details such as hours worked, salary,bonouses etc.
- Then, click to preview payroll and verify information.
- Click on submit.
- Use direct deposit or print checks to pay to employees.
- Go to report and then payroll report to view the payroll transactions.
QuickBooks Desktop:
Here we discuss steps to process payroll in QuickBooks desktop.
- Open QuickBooks Desktop.
- Now, go to employees and payroll setup.
- Employee section and then Employee center.
- Fill the employee information.
- Set up payroll schedules.
- Then, go to employees.
- Start the process by click on Pay employees.
- Select employees to pay and confirm time.
- Enter working hours and days.
- Confirm salary amounts.
- Choose print paychecks or direct deposit payments.
- Click on submit.
- Then, file payroll tax forms manually.
- Run payroll summary report to record and check.
Conclusion
I think you all understand how to process payroll in QuickBooks. That is the best option to manage payroll in a business. Also helps users solve their payroll problems with QuickBooks experts’ support. Its automation process manages half of the work automatically and saves your time and effort. After learn this article, if you have any problem, then contact with the QuickBooks payroll support for an instant solution.