Before every salary cycle, follow the steps below to initiate the payroll process. Once you are done with setting up your payroll, banking, and employee time tracking accurately, entering payroll on QuickBooks will be quite simple.
Suggested Read: List of Best Payroll Software for Small and Medium Businesses How to Process Payroll on QuickBooks Desktop? Save these payroll records for future references.Approve timesheets and proceed with submitting payrolls.Next, work towards implementing a tracking system.Draft a payroll policy for your organization.Decide payroll system (Monthly/ Weekly/ Quarterly).
Here are the steps for setting up payroll in QuickBooks: It is important to configure QuickBooks rightly for accurate and efficient Payroll processing. Any discrepancy, inaccuracy or delay in the paycheck of the employee will only lead to dissatisfaction and accounting blunders. Well, processing payroll doesn’t simply mean transferring salaries from an employer’s account to an employee’s account, there are many deeper aspects to it. It makes your accounting and posting of salary expenses easy. Users can feed time and attendance data from other HR software directly to QuickBooks for Net Pay calculation. This payroll software also offers integration with HR software and enables employees to view all the details and take required actions. It ensures auto-calculation of salaries including deductions like PF, TDS, ESI, incentives, and bonuses.
QuickBooks have an integrated payroll feature that helps accountants process payroll efficiently. QuickBooks accounting software enables users to get a detailed overview of all financial statements and transactions at any given time. It allows users to track sales, generate invoices, record transactions, and organize accounting data on the cloud. QuickBooks is comprehensive accounting software that helps small businesses maintain their Books of Accounts accurately and efficiently. Benefits of QuickBooks Payroll for Small Business.How to Run Payroll Summary in QuickBooks Online?.How to Process Payroll on QuickBooks Desktop?.