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Overview
QuickBooks Payroll is like having your own personal payroll service.
QuickBooks Payroll is one of today’s business payroll processing lifesavers. This simple-to-use software can help you manage your payroll from beginning to end. It allows you to decide how in-depth you want to be involved in your payroll. Your decision to use the desktop, online or full-service subscription can help you with payroll processing from compensating your employees correctly to withholding all the proper taxes, garnishments and benefits in an accurate manner. Plus, you can direct deposit employees checks, deposit your own taxes or have the full-service payroll do it all for you.
In short, QuickBooks is like having your own trusted payroll service or business accountant with you every step of the way.
Agenda
THE BASICS: GET UP AND RUNNING WITH CONFIDENCE
- Decide if you should you use the full-service or desktop: Pros and cons of each
- Use the Easy-Step Interview to setup your company information (Federal EIN, State EIN, etc.)
- Explore the options: It’s designed for 150 or less employees — How to set up batches for a larger payroll
- Understand QuickBooks Payroll workflows to ensure related transactions are entered correctly
EMPLOYEE SET UP: COMPENSATION AND WITHHOLDING CODES TO ENSURE CORRECT WITHHOLDINGS AND REMITANCES
- Avoid common mistakes: Set up employees correctly to ensure proper compensation and withholding information
- Learn how to set up tax codes for federal and state taxes for correct withholdings
- Ensure accurate records using compensation codes for salaried, hourly employees, bonuses and other types of compensation
- Set up pre-tax items correctly
- Pay an exempt employee with QuickBooks
- Track sick, vacation and PTO benefits accurately
- Use the QuickBooks payroll service function to quickly set up employees for direct deposit
- Learn how to set up your employee records so your information is correct the first time
SPECIAL SITUATIONS: UNIQUE SET UPS TO SAVE YOU TIME
- Customize employees with multiple pay compensation
- Tailor employees who work in multiple states
- Set up taxes on prizes, awards, gifts and bonuses correctly
- Create a double check that ensures garnishments are withheld properly
- Know when setup requires reciprocal information between multiple state income tax withholdings
- Use the audit trail when information doesn’t balance correctly
- Identify the difference between manual and online processing
TRACKING: BUILT-IN FEATURES TO EASILY RUN HIGHLY DETAILED REPORTS FOR COMPLIANCE REQUIREMENTS
- Use QuickBooks to set up and pay 1099 contractors through payroll
- File taxes accurately with the proper government agency
- Ensure your information balances at the end of the year (941, 940, state forms and W-2)
- Process corrected tax forms
- Export data to Excel® to add charts, graphs, etc.
- Discover how job tracking can assist with job costing
- Balance your payroll with your bank’s records using the bank reconcile feature
- Customize reports to ensure multiple garnishment withholdings are correct
- Process federal and state forms - yourself or full-service
TIME SAVERS: CUSTOMIZED REPORT OPTIONS
- Navigate through various report categories available in QuickBooks Payroll options
- Set up QuickBooks reports that provide information needed by other management personnel
- Create reports for your worker’s comp auditors, external auditors and internal management personnel
- Gain easy access to additional reports online
- Know when to use your online subscription resources to help answer questions on processing
APPENDIX
- Using the Backup options and Backup Wizard
- Design an effective disaster recovery plan
- Restoring your QuickBooks Payroll data after a computer malfunction or accident
- Understand how the subscription for online service works when you decide to change your software or processing company and your backup records
