How Do You Prepare Payroll? One of the features of QuickBooks software is the payroll feature. You can prepare your payroll using the software. Many businesses are opting to have payroll in-house. The payroll process starts with the creation of your employee list. Who are your employees? Do you have all the personal information you need? You should have the following information for your employees: SSN, Date of Birth, number of dependants, marital status, and address information.
How do you set up your payroll items? A payroll item includes the following: salary wages, hourly wages, commissions, bonuses, State withholding tax, Local withholding tax and any other tax. You can set up payroll items at any time. The most convenient time however is when your company information is set up. This process may take time; so perhaps listing all your payroll items first may ensure you have them all.
What’s Next? Next, create the accounts necessary to pay the taxes you withhold from your employees. You will need to set up accounts for federal, state and local governmental agencies. Your accountant can assist you with setting up those accounts. Once the accounts are established, make a schedule for paying them. Most payment schedules depend on your total payroll and your payroll frequency. Many companies run into problems with payroll when the withheld amounts are not paid in a timely manner. Many times the penalties for paying late may be more than the payment itself.
What are your options? QuickBooks software provides for various payroll options. Let your QuickBooks Solutions provider know what you need. If you need basic payroll help, online payroll, or assisted payroll. QuickBooks software provides the necessary options for you. Once you are setup properly the rest of the work is less time consuming.
How do you set up your payroll items? A payroll item includes the following: salary wages, hourly wages, commissions, bonuses, State withholding tax, Local withholding tax and any other tax. You can set up payroll items at any time. The most convenient time however is when your company information is set up. This process may take time; so perhaps listing all your payroll items first may ensure you have them all.
What’s Next? Next, create the accounts necessary to pay the taxes you withhold from your employees. You will need to set up accounts for federal, state and local governmental agencies. Your accountant can assist you with setting up those accounts. Once the accounts are established, make a schedule for paying them. Most payment schedules depend on your total payroll and your payroll frequency. Many companies run into problems with payroll when the withheld amounts are not paid in a timely manner. Many times the penalties for paying late may be more than the payment itself.
What are your options? QuickBooks software provides for various payroll options. Let your QuickBooks Solutions provider know what you need. If you need basic payroll help, online payroll, or assisted payroll. QuickBooks software provides the necessary options for you. Once you are setup properly the rest of the work is less time consuming.
Posts
