Payroll Processing

Payroll Processing 2014

Topics • Payroll Processing Checklists • Using the Employee Center • Payroll Tax Tables • Paying Employees • Editing Paychecks • Paying Payroll Liabilities • Creating Payroll Reports • Preparing Payroll Taxes

Payroll Processing Checklists • Every Payday: • Review the previous payroll activity in the Employee Center • Verify that your tax tables are current and update them if necessary • Create, review, and correct (if necessary) paychecks • Print paychecks and pays stubs • Every Tax Deposit Due Date: • Create, review, and correct (if necessary) liability payments • Print liability payment checks

Payroll Processing Checklists (Cont.) • Every Quarter: • Verify the accuracy of all payroll transactions for the previous quarter • Create payroll reports for the previous quarter and year-to-date • Create payroll tax returns (Federal Form) • Every January: • Verify the accuracy of all payroll transactions for the entire previous year • Create payroll reports for the previous quarter and year-to-date • Create payroll tax returns (Federal Form 941, 940, and State Yearly Returns)

Using the Payroll Center

Payroll Tax Table • Payroll Tax Tables include the tax rates necessary to calculate an employee’s paycheck • Affects the taxes withheld from paycheck and the company payroll taxes

Selecting the Employees to Pay

Paycheck Detail

Printing Paychecks • Select Voucher check style so that QuickBooks can print the pay stub information on the voucher portion of the checks

Printing Pay stubs • If you don’t use voucher checks or if you don’t print checks from QuickBooks, you can still print paystubs for your employees on blank paper

Editing Paychecks • If you haven’t printed the paycheck, you can edit the paycheck directly in the register • From the Employeesmenu, select Edit/Void Paychecks • Set the from and to dates and then select the paycheck from the list to edit • To edit the items on the paycheck, click Paycheck Detail

Paying Payroll Liabilities

Creating Payroll Reports • There are several reports that you can use to analyze your payroll • Payroll Summary Report • Sales Rep Commissions • Payroll Liabilities Report

Payroll Summary Report • Shows columns for each employee, their hours and rates of pay

Sales Rep Commissions • Helps to calculate the commissions due • This report requires you to first tag each sale with the employee who gets credit • Modified to show Cash Basis

Payroll Liabilities Report • Tracks the status of your payroll liabilities by Payroll Item

Preparing Payroll Taxes

Chapter Review • Payroll Processing Checklists • Using the Employee Center • Payroll Tax Tables • Paying Employees • Editing Paychecks • Paying Payroll Liabilities • Creating Payroll Reports • Preparing Payroll Taxes

Payroll Processing