Quick Guide to Understand – How Does QuickBooks Do Payroll

Want to simplify your time-consuming and hectic payroll processes and operations? If yes, the QuickBooks application is a choice to elect and introduce to your business payroll management. Undoubtedly, Payroll is one of the most complicated tasks to manage while running any business. However, this application is capable enough to automate and simplify your payroll processes. Continue reading and learn how does this application do Payroll and helps accounting managers.

How Does QuickBooks Do Payroll and Help Accountants?

In this section, we will learn how does this application do Payroll and help managers avoid manual efforts to maintain the daily and complicated payroll tasks.

To start using this application for managing your daily business payroll chores, you need to input all your employees’ information, including their personal details, salary, tax codes, benefits, and deductions. Take a quick look at the penned-down points:

1. QuickBooks starts facilitating the payment process once you have calculated your Payroll. Using QuickBooks for your business payroll process will automatically sync with your employee’s bank accounts for direct payments.
2. Changes in the tax rates and legislation policies can arrive anytime. With QuickBooks, you don’t have to worry about the same. The software updates the latest updates and ensures accountants have accurate lawful payroll calculations.
3. While doing Payroll in QuickBooks, you will get automatically generated electronic payslips for every pay period. Even employees can share these payslips in which all the details, including the employee’s salary, deductions, bonuses, and taxes, are recorded.
4. This application seamlessly maintains payroll management by generating reports essential to running your business. These reports are related to your regular payroll expenses, project budgets, and tax liabilities. Such detailed and accurate reports help accountants map financial planning and make smart decisions.
5. This application offers professional support and resources to accountants to understand the management of QuickBooks with Payroll based on UK payroll regulations.
6. This Application also helps payroll managers manage employees enrolled in the company’s pension scheme by automatically calculating pension contributions. Also, the software helps them get reports for pension providers with accurate and error-free data.
7. We all know how important it is to submit the employee’s information report to HMRC. Now, when you use QuickBooks for Payroll, it generates and submits these reports in real time to HMRC. QuickBooks records the accurate details, including employee deductions, earnings, and taxes, in real-time. Hence, there is no chance of facing any miscalculations or falsifications.
8. With the help of the database of your employees’ information in QuickBooks, the QuickBooks software will automatically calculate each employee’s salary and tax. The software will generate payslips informing about employee’s deductions and profits.
9. Handling Payroll on QuickBooks benefits accountants at the time of submitting year-end reports. Yes, the software helps them automatically complete the year-end procedures, like submitting P60 forms to employees.

What Benefits to Get After Using QuickBooks For Payroll?

Undoubtedly, nothing can stop you from maintaining your daily payroll chores in a simplified manner after using this application. Agree? Below, we have mentioned the notable perks you can avail of when this application does Payroll.

No More Paperwork

Forget those piles of paper files and switch to the excellent QuickBooks application. Manually managing payroll tasks and taking care of the utmost accuracy with bundles of paper files is beyond a challenge. But, with the automated QuickBooks application, you can manage everything digitally and save enough money and time. Aiming to grow your business, improve efficiency, and utmost security, QuickBooks keeps all your payroll operations in one place. So, if you’re doubting that QuickBooks does QuickBooks, yes, it does, and in such an advantageous way.

Availability of Employee Self-Service Portal

Another advantage of using the QuickBooks application for maintaining payroll management is the employee access to the Employee Self-service Portal (ESS). This portal helps employees check their former, present, and upcoming payslips, paychecks, paid leave balances, bank account details for direct deposits, and much more. That’s how managing Payroll on this application offers both employees and accountants an opportunity to save enough time and get error-free payroll processes.

Automated Tax-Related Tasks

When it comes to tax calculations and manually maintaining the records of tax filing and returns, accounting managers often panic. However, knowing how does QuickBooks perform this activity and set up the software to simplify such tax-related tasks is effective enough. The software automates all the tax processes and helps you with accurate, real-time, and error-free tax calculations. Also, QuickBooks automatically calculates every employee’s tax, ensuring the IRS regulations. With this, your business can avoid costly mistakes and adhere to the latest tax regulations.

How to Process Your Payroll on QuickBooks in Quick Steps?

Understood the advantages and working of this Application with Payroll? Now, let’s look at the methodology below to understand how to process Payroll on this application. We have divided this method into a few easy steps. Have a look:

1. Navigate to mentioned Application for Payroll Section

To begin with this: 

• First, hit the Employees tab that you can find in the top-left corner of your screen.
• Now, select the Payroll Center and continue to hit the Pay Employees alternative.
• In case you are processing your Payroll on this application for the first time, just hit the OK, I’m Ready alternative. Now, you can continue further.

2. Choose the Payroll Type you Wish to Run

For this:

• You can select between the scheduled and unscheduled payroll types. Ensure you do this before putting your payroll details in the QuickBooks application. Selecting the scheduled payroll type will bring you to another screen, where you’ll be the first to allocate a payroll schedule to one or more employees.
• Now, to continue, you must navigate to the Employees tab in the application, and click the employees you wish to add to the selected payroll type, which is its schedule.
• Your next step is to move to the respective payroll info tab beside every employee. Following this, allot a schedule to the employees in the list of Payroll Schedule given in the drop-down section.
• For Payroll unscheduled, we have explained the next step. Follow the same carefully.

3. Enter the Employee’s Payroll Information

You need to:

• Firstly, enter all the payroll details, including the paycheck start date and end date.
• After this, choose your bank account from which you pay your company employees.
• In the next step, confirm whether you wish to print paychecks with QuickBooks or need handwritten paychecks.
• Once confirmed, choose the employees of your company you wish to pay while doing Payroll in this Application.
• Following this, look at the status of your employees’ working hours and then initiate their payments. Make sure to add employees to the payroll schedule to pay as many employees as you want.
• Finally, hit the Continue option and proceed to the next step.

4. Check, Review Everything, and Make your Paychecks

Now comes the review part. Check everything to make sure the details you have entered are all correct. Once you have made the payroll entries in QuickBooks, it will automatically inform you of the number of paychecks printed via ‘Payroll Information.’

Also, you will learn about the total net pay, gross pay, employer tax contributions, taxes, and other deductions. Additionally, you will get insights into the total hours and direct deposit amounts for the pay period. Finally, hit the ‘Create Paychecks’ alternative.

5. Finally, Confirm your Payroll

The last step while doing this in QuickBooks is to confirm it from your end. Once you have successfully performed all the steps above, review the total number of paychecks you have created. After this, select the print option to print every employee’s paycheck.

Wrapping Up..!

So, that’s all about this comprehensive post. We hope you have learned how does it helps payroll managers. However, contact us if you face any technical errors in the QuickBooks payroll process or want to know more from the professionals. Our experts will immediately help you via our Live Chat Support facility.

FAQ

How can I print paychecks in QuickBooks online?

Simply navigate to the Run Payroll tab and hit the Paycheck list option. After this, choose the number of payroll checks you wish to print and click the Print alternative directly.

What should I do to activate Payroll in the QuickBooks online application?

To activate Payroll in the QuickBooks online application:

• Go to the Employees option from the Payroll drop-down menu.
• Select your preferred plan and hit the Get Started alternative.
• Hit the “Get Set up to Run Payroll” alternative.

Eventually, you will be able to set up your own Payroll.

Can I edit Payroll in the QuickBooks application?

Yes, you can edit your Payroll as per your business payroll management in the QuickBooks application. Go to the Lists tab, select the Payroll Item List, hit the Edit Payroll option, and make the necessary changes. Finally, click the Finish button.

Can I set up my own Payroll in the QuickBooks software?

Sure! Manually managing your own Payroll is quite tough. The QuickBooks software allows accountants to manage Payroll on QuickBooks per their business needs.

What if I face errors while processing Payroll in QuickBooks?

You can immediately contact our QuickBooks technicians via Live Chat Support for immediate professional help.