- #DOES QUICKBOOKS PAYROLL SERVICE HELP WITH BENEFITS PLUS#
- #DOES QUICKBOOKS PAYROLL SERVICE HELP WITH BENEFITS WINDOWS#
It is important to have the year-to-date current PTO hours accrued by employees handy (unless this is a new thing the company is doing at the same time you are setting this up). Do employees accrue vacation and sick time? Generic PTO? You’ll designate account types and names here, as you’ve done in previous sections. You’ll get a little breather here this issue is fairly basic and straightforward. I also believe that even if accounting and taxation are not your forte, you need to have some understanding (even if you need to attend a payroll training class) of the tax impact that retirement benefits have on payroll checks
You’ll just be filling in blank fields and making selections here, but precision is critical. If you’ve been doing payroll manually or have performed a payroll-processing function in the past, it won’t be much of a problem, but if you’re new to this, you may find the process a bit formidable. This is crucial it saves time and increases accuracy from the get-go. These, too, are complex, and I urge my students in my QuickBooks classes to gather all of the information they’ll need before they even begin company setup. You’ll also provide detailed information about who pays for what part (employee or employer) and when, how much, etc. You’ll encounter questions like these for every other kind of insurance that is at least partially company-sponsored, like life insurance, health savings accounts and dental. We pay special attention to this in my QuickBooks courses, because a lot of mistakes and questions surge in this part of the setup. Here’s where it really starts to get tricky, and where precision is critical, since you’re dealing with external service providers. And you can always go back and redo the payroll setup if a mistake is made. They help you set up the structure of your payroll accounts. You’ll find these aids all throughout payroll setup.
#DOES QUICKBOOKS PAYROLL SERVICE HELP WITH BENEFITS WINDOWS#
We then work out all of the scenarios to prepare the attendees for that “real world” that always seems so much different than in the classroom.Īs QuickBooks does elsewhere in the program, it simplifies your work here by using standard Windows conventions: step-by-step wizards, drop-down lists, checkboxes, etc. But what about bonuses or other one-time payments? Commissions? Multiple overtime rates? Tips? Contractor wages? When I teach a QuickBooks Training class on this element, I ask people to brainstorm every possible way that an employee might receive compensation from you. What are the different ways that your employees get paid? There’s annual salary, of course, and hourly wages. It becomes the baseline for the complete payroll class. We spend a lot of time in my QuickBooks Training courses on building this payroll foundation. That said, let’s take a look at the first hurdle you’ll have to jump when you’re starting out with QuickBooks Payroll: your company setup.
#DOES QUICKBOOKS PAYROLL SERVICE HELP WITH BENEFITS PLUS#
Mistakes can result in hefty fines plus endless phone calls to the IRS or state to find out the whys and hows of such penalties. The IRS and other taxing agencies are very exacting when it comes to payroll filings and taxes. If you’ve never attempted it on your own, you might wonder why it’s so different from any other set of financial tasks that you do.
Or you can manage it from within QuickBooks using QuickBooks Payroll Service. You can subscribe to a cloud-based solution that integrates with QuickBooks such as Intuit Online Payroll… and others not worth mentioning.Ĥ. You can expect them to do it all for you, but this is costly, and you relinquish most of the control.ģ. This usually costs $100-$250 monthly for companies with fewer than 10 employees. You can hire a payroll service such as ADP or Paychex - or a local payroll specialist - that will do it all for you. And do not forget those lovely IRS penalties for every mistake made.Ģ. This typically involves spreadsheets, tax tables and manually-prepared tax forms. Even though the QuickBooks Payroll setup process is self-explanatory, some QuickBooks Training can help… or you should at least read some of these guides.Īs I mention in my QuickBooks classes, payroll-processing is the most challenging element of the bookkeeper, particularly because you are dealing with taxes, accounting, deadlines and heightened responsibilities.ġ.
Considering doing your own payroll inhouse? Be prepared for a grueling setup process.
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