2012. Set up payroll accounts in the Chart of Accounts Understand Payroll Items Use the Payroll...
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Transcript of 2012. Set up payroll accounts in the Chart of Accounts Understand Payroll Items Use the Payroll...
2012
Set up payroll accounts in the Chart of Accounts
Understand Payroll Items Use the Payroll Setup Interview to add payroll items
Use the Payroll Setup Interview to add employee records
Set up Employee Defaults Run Employee Reports
Four payroll choices :1. Manual Payroll2. Basic Payroll 3. Enhanced Payroll 4. Online Payroll5. Assisted Payroll
1. Gather information about each of your employees2. Activate the Payroll function3. Set up payroll accounts4. Enable your QuickBooks file for payroll processing 5. Use the Payroll Setup Interview6. Add additional payroll items directly into Payroll Item
List7. Edit payroll items to modify the vendor information
and the way it affects the Chart of Accounts8. If setting up mid-year, enter year-to-date information
for each employee and enter year-to-date liability payments
9. Verify payroll item setup, employee setup, and the vendor list
10. Proof your setup.
Payroll Liability Accounts
Payroll Expense Accounts
This Interview is optional, but very helpful and works even if you have existing payroll
Starting the Payroll Setup Interview:◦ Select the Employees menu, select Payroll
Setup
Three ways to allocate costs between the company and the employee:
1.The company could pay the entire expense2.The company and employee could share the
expense3.The employee could pay the entire expense
If the costs are shared between the company and the employees, or if the employees pay for the entire cost via payroll deductions, use a Deduction Item to track the deductions
If you have a 401(k) plan, you can set up Payroll Items to track the employee contributions (salary deferral) to the plan
The Payroll Setup Interview will walk you through creating items to track and pay vacation or sick pay
If you have a “Paid Time Off (PTO)” policy instead of separate sick and vacation time you can use either Sick or Vacation time to keep track of PTO.
After you have set up your Payroll Items, you can set up each employee’s payroll record.
To set up vendors for payroll liabilities, continue with the payroll Setup Interview
If you are setting up your own payroll in the middle of the fiscal year, you’ll need to enter the year-to-date payroll information for each of your employees before entering your first paychecks
Default settings for each new employee
To view all employees, including deactivated employees, display the Employee list and click the Include inactive box
Set up payroll accounts in the Chart of Accounts
Understand Payroll Items Use the Payroll Setup Interview to add payroll items
Use the Payroll Setup Interview to add employee records
Set up Employee Defaults Run Employee Reports