QuickBooks is an accounting software package and its range of products are widely used by small and medium-sized businesses. The QuickBooks applications are available both on-premises and cloud-based versions, Which records the financial transactions of the business and accepts the payments; manages payroll functions and pays the bills of the business. It helps the business owners to make their business activities hassle-free. Know how QuickBooks Payroll Setup Checklist in Intuit Desktop Payroll & Online Payroll.
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Learn How can We Setup the checklist in QuickBooks Payroll
Basic information is required while setting up the QuickBooks Payroll Desktop. Once you get the information which is required for your business from your sources like, previous service provider, old/previous record or from your staff or from federal and state agencies.
The QuickBooks accounting software offers an array of power-packed features, which many users are fond of. You want to do payroll on your desktop or in the cloud, QuickBooks has a host of options for you and your clients. Among all the choices, you have to find a good fit for your business as per your business need. Well, if you are looking forth for the QuickBooks Desktop Payroll, QuickBooks Online Payroll, and/or Intuit online payroll new customer checklist, your search ends here! We have covered it here in this article. You need to read the complete article and if required you can also connect with our team of professionals for fastest on-call and on-chat resolution. The details to connect with them, we will cover in the end of this module. So keep reading!
QuickBooks Payroll Setup Checklist: Overview
It’s simple to find the complete information from the payroll provider which we have used in the past or from the entry books, accounts or any other agencies which contains the information about the business after the completion of the setup process in the QuickBooks Desktop and even in QuickBooks online payroll account. There are multiple options available for QuickBooks users – you just need to ensure to search for the best possible solution.
What are the Options for the Desktop Versions:
- No QuickBooks payroll tax form filing.
- QuickBooks payroll tax filing & good job costing.
- QuickBooks Desktop functions of Enhanced.
- QuickBooks Desktop can record the payroll timings and the calculated amount.
How to Payroll Setup in Payroll?
Setting up payroll is a very easy process if you have the access to below information:
Company: The duration of the payment like daily, weekly, fortnightly, monthly etc., starting date and the first pay period that you will run within QuickBooks Payroll
Compensations, benefits and deductions: What kind of compensations are there like wages, salaries, commissions and leave policies, insurance benefits, retirement benefits or any other deduction or addition like deduction for child support, repayments of employee advances or loans, life insurance or additions like bonuses, travel reimbursements, loans or advances.
Tax Information: Federal tax business number (BN), CRA Payroll number, T4 transmitter number and RQ payroll information.
Employees: Employee name, address, wages/salaries, additions, deductions, & company contributions With holding from the employee’s TD1 form, Social Insurance Numbers from the employee’s T4 forms, leave plans or any accrues money.
Year-to-Date History (YTD): Year to date information is available for every employee on employee’s most recent pay stub from the previous system. Payroll liability checks copies from the beginning of this calendar year to the date since you have started implementing QuickBooks Payroll. Here you need to know that only if
If you have started using QuickBooks Payroll after Jan 1 of the calendar year & if you have already run payroll using other system at least once since Jan 1 then only you are required to enter the Year-to-date payroll information. It is important to know for all the QuickBooks Payroll users that once you run a payroll in QuickBooks Online, you cannot add or edit year-to-date information. So, kindly ensure to enter and verify all employee’s and payroll data before running payroll.
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How can we Make the Payment of the Workers?
All you need to do is to enter the details of working hours of the workers and payment amount will be calculated in QuickBooks automatically. The calculated amount will not include the tax amount. You can use that calculation to print the checks or transfer the amount into accounts of the workers. You can also select the days according to the group of employees.
Can we make the Payment and get the Print of form 1099 in QuickBooks Payroll?
Yes, make the payment and get the print of form 1099 in QuickBooks.
Is it possible that I can use QuickBooks Payroll Service from the Payroll Service anytime in between of the Financial Year?
Yes, you can start using the QuickBooks payroll service from the payroll service.
What are the Requirements to use QuickBooks Desktop Payroll?
To use the QuickBooks Desktop Payroll you are required to have QuickBooks updated version. Every employer who pay the wages to their employee must have the EIN (Employer Identification Number) and this needs to be included in all the returns. This can be applied at the IRS website.
Does QuickBooks Desktop Payroll help the users to manage both types of Employees Hourly and Salaried?
Yes. QuickBooks Desktop payroll allows you to manage both hourly and salaried employees.
What is the Cost of Direct Deposit?
There is no cost applicable for W-2 employees with your Payroll subscription, but the cost is there for 1099 contractors.
Is it Possible to Pay the Workers through Direct Deposit?
Yes, you can make the payment into the domestic banks. Also, you can modify the banking data according to the requirement. Additionally, it’s not mandatory to adapt the same payment method for all the employees. You can choose that according to the requirement. Payment can be deposited into up to two different accounts per employee.
What is the role of QuickBooks Desktop Payroll in the Payroll Taxes?
QuickBooks Desktop Payroll compute the state and federal payroll taxes. Payroll files federal and state tax forms and debit the amount automatically to make the payment for federal payroll taxes. Once you are done with payroll just submit the payroll data to our service with some simple steps.
Does QuickBooks Payroll help us to make a Record of the Payroll Compensation?
Yes, QuickBooks Payroll helps us to make a record of the payroll compensation. You can also make the use of pay-as-you-go workers’ compensation service to automatically pay exactly what you owe each pay day.