Payroll Processing

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Payroll Processing2014


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 Employees menu, 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

Documents

Transcript of Payroll Processing