How to Run Payroll in QuickBooks

Payroll can be a daunting task for small businesses. It’s not just the actual calculation of wages and taxes—it’s also dealing with employee status, payroll dates, and more. If you want to make sure your business is running smoothly on a day-to-day basis, it’s important to have a good handle on the payroll. Fortunately, there are plenty of tools to help you with this process. One of these tools is QuickBooks, which can be used to track employee hours, paychecks, and more. In this blog post, we will walk you through the basics of how to run payroll in QuickBooks.

What is Payroll?

Running payroll in QuickBooks can be a daunting task, but with a few easy steps, it can be a breeze. In this article, we'll walk you through the process of setting up and running your own payroll in QuickBooks.

How to Set Up Payroll in QuickBooks

If you're starting a new business, you need to set up payroll. QuickBooks can help you do it quickly and easily. Here's how:

1. Choose your company structure: There are two common ways to set up a business: as an owner-operator or as a corporation. If you're an owner-operator, you'll use the Owner/Operator module in QuickBooks. If you're forming a corporation, use the Corporation module.
2. Choose your payment method: QuickBooks supports four common methods for paying employees: check, direct deposit, PayPal, and credit card processing. You decide which method to use based on your company's policies and preferences.
3. Create your employee records: You'll need to create employee records in order to set up payroll in QuickBooks. Each record includes information such as the employee's name, Social Security number, date of birth, and address. You can also add other pertinent information such as the employee's salary and hours worked each week.
   When you've finished creating your employee records, click Pay Employees from the Payroll menu in QuickBooks. 
4. The Payroll window opens: Enter your employee's information into the appropriate fields, and click Pay. QuickBooks will calculate the employee's pay and deposits the money directly into the employee's bank account. If you'd like to make any changes to an employee's pay or hours worked, click that employee's name in the Payroll list and make your changes. When you're finished, click Save and Close.

That's all there is to it! You've now set up payroll in QuickBooks.

How to Process Payroll in QuickBooks

If you want to run payroll in QuickBooks, the first step is to create a new payroll account. This account will be used to track employee payments and submit taxes. Once you have created your account, you can start processing paychecks.

To process a paycheck in QuickBooks:

• Open QuickBooks and click the Payroll icon on the left side of the screen.
• Click New Payroll Account on the right side of the screen.
• Enter your company information into the fields that appear and click Next.
• Select your state from the list and click Next.
• Enter your bank information into the Field for BANK ACCOUNT and click Next. (NOTE: If you are using Intuit’s online banking services, you may not need to enter this information.)
• Click Create NewPaycheck in the Account Summary window that appears to begin processing paychecks into your new payroll account.

NOTE: You can also process paychecks by clicking Edit Payroll on the paycheck detail window and then selecting Process Check from the drop-down menu beneath Session Type (Payroll).

Conclusion

Payroll can be a daunting task, but with the right tools and guidance, it can be easy to get started. In this article, we will cover the basics of running payroll in QuickBooks and walk you through every step of the process. From creating your employees to processing paychecks, this guide has everything you need to get started running payroll in QuickBooks. So what are you waiting for? Start planning your next payroll cycle today!

Reference: https://www.niadd.com/article/1047328.html