For business owners, one way to save money is due to their payroll. One can easily run it in no time if they use QuickBooks online. Anyone can easily set up payroll in QuickBooks by following some of the simple steps. Follow this blog further to know the steps to set up payroll in QuickBooks.
Steps To Set Up Payroll In Quickbooks
The various steps required to set up payroll in QuickBooks are mentioned below.
Step 1: Payroll set up checklist.
- You need to add all the information about the employees.
- First is the bank account information: You need to add the account number of the checking account, the full routing number.
- Adding employee’s compensation: All the compensation provided to the employees should be added including the wages, salaries, bonuses, and commissions.
- Benefits of the employee: This includes the retirement plans, health, and dental insurances, sick leaves policy, vacation, or Flexible spending account.
- Add employees information in QuickBooks
A list is provided which should be added i.e. is the list of employees items.
- Form W-4: The employees must have a w-4 forum whenever there is the hiring of the new employee.
- The salary or hourly rate is provided to the employee who also includes the bonus, commission, etc.
- Pay Check Deductions: All the contributions of employees towards health insurance, retirement plans.
- Multiple pay schedules can be added.
- Sick/ vacation hour’s policy.
- Hire date
- Direct Deposit Authorization Form: You can easily offer direct deposits to the employees instead of a check.
Step 2: Step up QuickBooks online payroll.
- The employee center should be navigated: On the left of the menu bar click on the employee’s tab located.
- Now you have to proceed with the payroll setup. For this click on the Get set up a button to proceed to the next screen.
- You have to answer all the questions regarding the prior payrolls. Some additional information should be provided to ensure that w-2 forms are accurate mainly if you are converting QuickBooks from a manual payroll system.
- Now add employees. Click on the option of add an employee.
- Complete employee information. Below are the details you need to complete:
- Employee withholding information.
- Employee pay
- Pay schedule.
- Payment method
- Employee deduction
- Enter a year to Date Payroll
The above-mentioned steps will help you easily set up payroll in QuickBooks. In case if you are still facing issues to set up payroll in QuickBooks, then you can connect to QuickBooks payroll support team. The team consists of a highly proficient member who is skilled enough to solve your problems. You can connect to the QuickBooks payroll support team anytime when required.