Small business owners all over the country know Quickbooks as a great tool for their accounting needs, but have you ever explored it for running payroll? Tying in the payroll process to your existing system can save you time and make your entire setup more efficient. If you’ve been looking for an easier way to manage payroll, keep reading to learn more about how to set up payroll in Quickbooks.
How to set up payroll in Quickbooks
Whether you already have a Quickbooks account or need to set up your system from scratch, getting started is pretty easy. Follow the steps below to start the process and you’ll be running payroll like a pro in no time.
What you’ll need
To get started setting up payroll in Quickbooks, you’ll first need an account. If you don’t already have one you can either purchase Quickbooks software or set up a Quickbooks online account.
The next step is to decide which payroll plan you want to move forward with. There are options for both fully-managed and do-it-yourself payroll. Either way, the set up process is pretty straightforward and can be done within a day.
Setting up your service
The first step in how to set up payroll in Quickbooks is to ensure that you have your company information listed correctly. First enter your bank account information. Many business owners prefer to have a separate account for their payroll expenses, so if this is the case in your organization, make sure you put in the correct account number and routing number for payroll processing.
Next, you’ll go into the employees menu and add in your employees’ contact information and their compensation details such as hourly rates, salaries, commissions, tips and bonuses. After that, you’ll add in their benefits information, including vacation and sick time. If you’re switching payroll systems in the middle of the fiscal year, make sure you adjust the benefits accordingly. Don’t forget to add in employees’ W-4 and direct deposit forms here as well.
You’ll also want to take the time to list any additional cash advances, mileage or travel reimbursements, wage garnishments etc, in addition to tax and prior payroll information. Once you have this all set up, you’re ready to run payroll in Quickbooks.
Tasks you can perform in Quickbooks
Quickbooks allows you to quickly complete many different payroll items within the software including calculating payroll taxes and printing pay stubs. Whether you need to find a check number or adjust payroll liabilities in Quickbooks, it’s just a few clicks to easily complete any task.
If you find yourself needing to know, “How do I undo a payroll in Quickbooks?” or how to delete paychecks in Quickbooks payroll, don’t worry. The system makes it painless to easily straighten out your payroll accounts, even if errors occur.
Where can I get support for Quickbooks?
If you do have questions about how to enter payroll in Quickbooks, there are plenty of resources to help you along the way including the Quickbooks support page with over 600,000 contributors.
However if you still have questions like, “What are payroll expenses in Quickbooks?” or “How do I reprint a payroll check in Quickbooks?” or “How do federal holidays affect my payroll processing?” you may want to partner with a Quickbooks ProAdvisor. These experts can help you demystify the payroll process so you can spend less time on administrative work and more time on the core of your business.
Quickbooks quick tips
To make the most of your Quickbooks experience, follow these quick tips. They will make your bookkeeping and payroll process easier than ever!
- Use keyboard shortcuts.
- Batch send recurring invoices and payments.
- Regularly audit and merge duplicate accounts.
- Schedule automated backups.
Get support from the pros at Paytech
If you’re ready to get started with Quickbooks payroll but want a little help making sure everything is done correctly, partner with the pros at Paytech. We work with businesses of all different sizes to help manage their payroll and accounting needs.