How to Create a Payroll Summary Report in QuickBooks?

One of the best things about QuickBooks is that you can generate several reports from the software. The Payroll and the employee reports are typically useful to review the payroll of your particular business and then determine the financial state.

Let’s learn in detail what payroll reports are and why are they important.

What are Payroll Reports?

A Payroll report is a type of document that has details about the payroll that has been prepared with the help of company information and records. Several payroll reports are limited to a particular time period like the first day of a month, total pay, or quarterly for the total accounting year.

Often these reports have too many details so you or your particular accountant may wish to customize or restrict the information reported. QuickBooks Online provides you with this ability by enabling you to generate reports with the specific data that you wish to be reported.

What is QuickBooks Payroll Summary Report?

To quickly view the payroll totals for each employee for a selected amount of your time, use the Payroll Summary report. All corporate payroll taxes are disclosed by the employee, and the report includes a subtotal for internet payments that reveal the payroll things. A payroll summary includes a list of your current employees, a collection of employee earnings, a breakdown of paid time off balances, and much more. It might be produced for a single period or a range of periods.

What are the Parts of the QuickBooks Payroll Summary?

• Gross Pay: Before any taxes or deductions amount received.
• Adjusted Gross Pay: Gross pay minus any pre-tax deductions.
• Net Pay: After taxes and deductions, the amount received.
• Taxes and Contributions: It shows the amount accrued during the period covered by the report.

What does a Payroll Summary Report Consist of?

The payroll summary report includes the following items:

• Net Pay of Employees
• Employee vacation and sick time
• Taxes and contributions
• QuickBooks quarterly tax reports
• Employee, Taxes adjustments, and wages summary report

The commission and any bonuses are shown as part of the gross pay in these reports. The term Adjusted Gross Pay refers to the amount after any pre-tax deductions, such as an employee’s contribution to a 401(k) plan, have been subtracted. Additionally, an employee’s net pay is the amount they got after taxes and any other post-tax adjustments (like loan repayment and travel expense reimbursement)

Why are Payroll Reports Crucial?

Before we begin to run payroll reports in QuickBooks, let us why payroll reports are crucial for your business.
There are several reasons why your business must regularly run payroll reports. Here are the reasons:

• Suppressing Compliance: As an employer, it is your duty to deny particular taxes from the paychecks of your employees. Such taxes comprise Medicare Tax, Social Security tax, Federal income tax, etc. Not complying with certain tax laws can lead to a levy implied in regard to your business. In a few cases, some can even be prosecuted. You can make sure that you are compliant with employment tax laws and you can do that by running or analyzing the payroll reports regularly.
• Tax Filing: When you file your taxes, the payroll reports can be highly valuable. This is due to the reason that data in these reports write off the payroll expenses along with an estimated part of the payroll tax payments. The payroll reports are important for your quarterly estimated tax payments along with the annual income tax return of your business.

How to Create a Payroll Summary Report?

Here are the steps to create a payroll summary report in QuickBooks:

Step 1: Go to the Reports section. Choose Employees and Payroll. Then choose Payroll Summary.

Step 2: Choose a date range.

Step 3: Press Refresh.

Step 4: Delete the Hours and Rate columns.

Step 5: Choose the Customize Report.

Step 6: Delete the Rate and Hours checkboxes as shown in the display tab.

Step 7: Press OK.

Step 8: In the given Filters tab, it is possible to add pay periods.

Step 9: Choose Print. Now click Report to Print the Payroll Summary.

How to Edit the Payroll Summary Report in QuickBooks?

If you wish to edit and add some changes to a particular report, then after you run the report, perform the following steps:

Step 1: Navigate to the menu toolbar. Now press Edit on the menu toolbar.

Step 2: Change the parameters as you want.

Step 3: Now, press Run Report to see again.

How to Print the Payroll Summary Report in QuickBooks?

Here is how you print the payroll summary report:

Step 1: Print the present report. Click Print on the given menu toolbar and you can locate the print preview of a report on the window. Next, Print to print out the given report.

Step 2: Press print on the present menu toolbar and choose Page setup. You can set page margins and size as you desire.

How to Export a Particular Payroll Summary Report to Excel?

Here are the steps to export a payroll summary report to Excel:

Step 1: Press the Excel drop-down arrow in the given report.

Step 2: Choose Create New Worksheet or Update the present Worksheet.

Step 3: Press the Browse button to select the workbook if you choose Update Existing Worksheet.

Step 4: Choose the Advanced Button.

Step 5: Clear the space that is there in the checkbox columns.

Step 6: Choose OK.

Step 7: Choose Export.

Create a Payroll Summary Report for QuickBooks Online Payroll

• First, You have to go to Reports and then you have to select Standard.
• Then you have to scroll down to the Payroll section, then you have to select Payroll Summary. In the search field to find it you can also enter the report name.
• Now you have to set a date range, then you have to select Apply.
• In case you desire to include or hide a specific detail in this report, then you have to select Customize and then Run report.

Create a Payroll Summary Report by Employee

If you want to see the payroll wages, taxes, deductions, and contributions totaled by employees, run a payroll summary per employee.

QuickBooks Online Payroll

• First, you have to go to Reports.
• Then you have to select Payroll Summary by Employee by scrolling down to the Payroll section.
• Now you have to set a date range and then select Apply.
• Select Customize if you want to include or hide a specific detail in this report and then click on Run report.

QuickBooks Desktop Payroll

• First, you have to go to Reports and then you have to select Employees and Payroll.
• Then you have to select Payroll Summary.
• After that, you have to adjust the date range appropriately.
• Select Employee in the Show Columns dropdown menu.
• Now you have to select Customize Report tab, then click on the Filters tab.
• Scroll down to select Name from the filter list in the section of Choose Filter.
• Select the employee from the Name dropdown menu.
• Lastly, After completing select on OK.

Now that you are aware of how to run the payroll reports in QuickBooks, you can utilize them to analyze the work pattern of your employees and payroll history and it will remove all the hassles you will possible face to run your business smoothly.

If you still experience some problems with creating a payroll summary report in QuickBooks, you should consult professionals for the same.

You can contact us. Our Dancing Numbers team of experts have vast years of knowledge about QuickBooks and have dealt with every possible issues concerning it. They will be able to solve your issue concerning creating a payroll summary in QuickBooks in minutes.

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