Being an entrepreneur, if you’re already utilizing QuickBooks and you need to pay your workforce, and then consider adding a QuickBooks payroll to your scheme. Fortunately, you can access it from a similar system from which you manage the business’s bookkeeping. It allows you for the impeccable transfer of your payroll expenditures to accurate general ledger accounts.
Every business owner can set up payroll with QuickBooks and process their first pay run with a few effortless steps. Also, the subscription is budget-friendly, and there’s no obligation to provide any extra charges. However, the payroll procedure doesn’t end with only preparing the paychecks. On a schedule set by the IRS, you need to file a payroll tax return.
Furthermore, every authorized business is required to file and submit the payroll taxes to the IRS. Fortunately, if you’ve taken the QuickBooks subscription, there’ll be no other mistakes including, late submissions that might result in penalties and increased interest payments. QuickBooks offers an intuitive interface that provides an easy payroll setup for entrepreneurs.
Shift to payroll:
After logging in to your QuickBooks account, go to the payroll and click on employees. If you’ve recently bought the QuickBooks online subscription, you’ll notice a “Get started” option. Click on it to proceed to another screen.
If you’re a beginner to this platform, the system will require a few questions, such as if you want HR support and need to track your employee’s working hours. While these queries will help you match the righteous plan, you’re also free to choose one of its three payroll options manually.
Provide information about employee’s payments:
Next, the system will inquire if you’ve paid the employees within the calendar year. In case you’re switching to QuickBooks from a manual system, then you’ll have to press “Yes.”
Besides the payment inquiries, the system might want to know the date when you’ll plan to run your first payroll in QuickBooks. For security purposes, you’ll be providing the original address of your workplace where your employees physically work.
Add Employees:
After adding the previously required information and the original company location, you will have to add the employee’s payroll details into the system, including those who no longer work for your company but received pay within the same premises.
Enter Federal Tax details:
In this section, you’ll have to add your federal tax id, and you can refuse if you haven’t received it yet. If you’re considering signing up for the employee’s section or receiving services that might be cheaper than your current plan, check the box to share your information.
Enter State Tax details:
There’s another requirement of state tax details, if applicable. The layout will depend on the type of business and your employees, so skip the part that doesn’t apply to you.
Add your Bank account details:
You’ll get the chance to review the business and principal officer info you entered previously in the setup process. Add in your bank details for checking the finances of your business. There’ll be a screen listing different banking institutions, so enter it in the search box and select the corresponding results if you’re not listed.
Covid-19 Pay features:
Unfortunately, the coronavirus pandemic has made our lives vulnerable, and we couldn’t step of our homes without getting scared of the consequences. However, QuickBooks has emerged with a helpful feature of paying the employees. It allows you to distinguish paid leaves taken by the workers. Additionally, if you’re opting for a tax credit against the employee’s income under the covid-19 aid, then you need to choose this as well.
Once you’ve provided answers for all the queries and completed the required information for every employee, you’ll notice a list of employees on your payroll for the following year. Make sure to provide all the data accurately and review it again to avoid any mishaps.
Now that we’ve acknowledged you about setting up a QuickBooks account for payroll in seven more straightforward steps, it’ll hopefully get easy to set it up on your own. If you haven’t started till now, opt for the platform with a one-month free trial.
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