How to Pay Employees in QuickBooks: A Complete Guide for Beginners
More than 29 million small businesses use QuickBooks for their accounting needs. Is yours one of them? If it is, then you may need to know how to run payroll using the popular software.
Payroll can be a time-consuming chore, but it doesn't have to be when you know how to use it. Read on to learn how to pay employees in QuickBooks quickly and easily.
Get the Right Accounting Software
You may have learned that there are many types of accounting software. You may have compared QuickBooks vs FreshBooks and other software before settling on QuickBooks.
You probably discovered that FreshBooks is great for freelancers and sole-proprietors, but if you have employees, QuickBooks is the way to go.
That's only half the battle because you have to choose the right QuickBooks version. You'll need to choose a version for Small Business ranging from Simple Start to Advanced.
You can then choose a payroll package as an add-on. There's a self-serve version and fully managed version. With the fully managed version, you have more features such as personalized support and W-2 forms at the end of the year.
How to Pay Employees in QuickBooks
Payroll will take a bit to set up. Once it is, you'll be able to run payroll efficiently and often at the click of a button.
Enter Your Business Information
You'll need your business information and get that entered into the system. Your business name and address, bank account information and compensation have to go into the system.
That will be followed by the type of employee benefits that you offer such as health savings accounts, health insurance benefits, 401(k) information, and paid time off.
There may be additional benefits or deductions like expense reimbursements or mileage reimbursements.
Enter Your Employee Information
You need to make sure you have all of the W-4 forms from your employees. This is important because the forms will tell you how much federal income tax should be withheld for each employee.
You'll enter their W-4 information and their name and address. Their pay rate, how often they're paid, hire date and paid time off balance. Enter any other deductions like benefits that they are using.
Running Payroll for the First Time
When you're running payroll in QuickBooks for the first time, you will be taken through a set of questions. You need to ensure that all of the information entered is accurate. It could throw off your numbers for the entire year.
Next, go to the Employee section and click Run Payroll. You'll enter the hours worked for each employee and note any time off for each employee. QuickBooks will calculate the amount salaried employees will receive.
Double-check your bank account and hit Review and Submit. You can then follow the instructions on-screen to run direct deposit or print checks.
Payroll is Much Easier With QuickBooks
It's not hard to learn how to pay employees in QuickBooks. It's actually pretty easy. Get your W-4 forms and business forms together. In a lot of cases, it's a matter of following instructions on-screen.
It is important to review your information before finalizing your payroll information. Incorrect information could cause a lot of trouble with your employees and the tax authorities.
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