An employee’s earnings not only consist of the monthly salary or wages, but also the benefits they are entitled to receive. Organizations, therefore, have to have a software solution to keep track of all the additions and deductions to be made to finalize the amount to be credited to the employees accounts or entered on the paycheck. In this article learn how to choose and set up benefits in QuickBooks Payroll.
Small and medium-sized companies have QuickBooks Payroll to handle their employees pays. The software, therefore, makes selecting and setting up benefits perfectly so that employees have no issue with the amount mentioned in the checks.
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What Are The Benefits Employees Receive?
The benefits that employees receive differ from employer to employer. While few companies offer healthcare benefits, paid sick leave, etc., there are some that provide retirement plans, disability insurance, and others in addition to those. Based on the benefits that companies offer, their QuickBooks Payroll works.
Why Choose & Set Up Benefits in QuickBooks Payroll?
As the benefits offered to employees are not the same for all companies, the software gives a number of perks that organizations can choose from to set up the benefits in QuickBooks Payroll. Based on what a particular company offers its employees, they can select those and set up the interface in accordance with that. As a result, the software will count on only those benefits that show up there.
The best thing about using the software is that it tracks all compliance issues all across the United States, helping secure health and retirement benefits to ensure accurate compensation calculations.
How To Choose & Set Up Benefits in QuickBooks Payroll?
In an organization, people have fixed compensation along with some added benefits that count in be mentioned in the paychecks. However, the benefits that company A offers might be different from what company B offers to its employees. Considering the distinguished set of benefits that employers offer their employees, QuickBooks Payroll provides them an opportunity to set up the relevant benefits accordingly and begin working on them.
Setting Up Healthcare Benefits
The steps for setting up health insurance benefits are listed below:
Step 1: Go to the QuickBooks dashboard.
Step 2: From the side menu, select Payroll.
Step 3: Click on the Benefits tab.
Step 4: Choose the Find My Plan option.
Step 5: QuickBooks finds the employee data to select the best plans.
Step 6: Narrow down the options by using the filters at the top. This could be dome based on the parameters available, including employee type, demography, etc.
Step 7: Make comparisons between the available plans.
Step 8: Click on the one that interests you. Go through the features.
Step 9: Tap Start Application for the plan you select. It takes 15-20 minutes to begin.
Step 10: Select complimentary plans if required as the software makes room for it.
Step 11: Choose the start date for coverage.
Step 12: Select contributions – the amount employees will pay and the employer will pay.
Step 13: Select people who will be included and excluded in the coverage. For example, part-time employees remain exempted from the coverage.
Step 14: You can also set waiting periods for employees on probation. QuickBooks Payroll has that option too.
Step 15: Add employee information and send invites, asking them to apply for insurance. As soon as the forms are sent, the insurance companies would require being notified of the same.
Step 16: Upload documents in QuickBooks so that the payroll gets updated accordingly.
Selecting Retirement or 401 (k) Benefits
QuickBooks partners with Guideline to offer retirement benefits. The steps to choose and set it up are as follows:
Step 1: Go to the QuickBooks dashboard.
Step 2: From the side menu, select Payroll.
Step 3: Click on the Benefits tab.
Step 4: Choose the Find My Plan option in the 401 (k) option.
Step 5: QuickBooks finds the employee data to select the best plans.
Step 6: The software will take you to Guideline’s official website.
Step 7: Among the three plans, you can choose one and the cost estimator will help you.
Step 8: Click the plan you have interest in.
Step 9: Start the application process.
Step 10: Click QuickBooks.
Step 11: An agent will connect with and help you finish the application.
Step 12: In case you are looking forward to collaborating with some other service provider, you will have to add details manually.
The steps mentioned above are clear and easy to follow for users. However, there may be instances of you getting stuck at any of the above-mentioned steps. In such a scenario, you can connect with Dancing Numbers experts via LIVE CHAT anytime and they will help you.
We have a team of experts who deal with QuickBooks-related issues and can help you with any problem that you might face while choosing and setting up benefits in QuickBooks payroll.
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+1-800-596-0806 or chat with experts.
How to Set up time off Benefits in QuickBooks Payroll?
Besides the health insurance and retirement benefits, there are other paid time off and unpaid time off considerations for employers. The time-off benefits is easy to set up while using the software. Here are the steps to achieve it:
Step 1: Go to QuickBooks.
Step 2: On the side menu, select Payroll.
Step 3: Choose the Employee option.
Step 4: Click on Add Pay types.
Step 5: A pop-up window appears.
Step 6: Scroll and go to Time off Pay Policies.
Step 7: Click Add New Policy.
Step 8: Fill up the rules as required based on accrual, maximum hours, and hours earned.
Step 9: Click Save.
How to Set up Additional Pays?
The additional pays like bonuses and commission also need to be added to paychecks for employees. To set it up, let’s follow the following steps:
Step 1: Go to QuickBooks.
Step 2: On the side menu, click on Payroll.
Step 3: Select Employee.
Step 4: Choose Add Pay Types.
Step 5: Scroll and go to Common Pay Types.
Step 6: Now, tap the pay type you want. If the same is not listed, create one.
