• Create BookmarkCreate Bookmark
  • Create Note or TagCreate Note or Tag
  • PrintPrint
Share this Page URL
Help

Chapter 20. Paying Employees and Contractors > Gathering Payroll Information

Gathering Payroll Information

If you’ve never set up a payroll before, you’ll read through this chapter and realize that the onerous task of deducting money from people’s paychecks and making sure it gets sent to the right agencies is now part of your job. Payroll is serious business; you are dealing with other people’s money. You might never appreciate having QuickBooks so much as when an employee comes to you about discrepancies in a paycheck. QuickBooks makes such recordkeeping virtually painless. It is easy to draw up reports and show exactly how much sick time an employee has coming, how much overtime was worked, and exactly when it is time to send the government its quarterly tax payment for each employee.

If you have worked with payroll before—perhaps using another program—or with a couple of bank accounts and a calculator, you’ve already had a taste of having to keep track of health insurance premiums, state disability payments, worker’s compensation, accrued vacation time, and so on. You’ll enjoy how easy QuickBooks makes it to create separate payroll items for all those deductions, printing out paychecks that accurately break down what each person is really owed month after month. QuickBooks makes it easy to provide mileage reimbursements, set up voluntary contribution accounts that are specific for each employee (such as Flexible Spending accounts), and determine Advance Earned Income Credit (AEIC) eligibility. You can even automate bonuses and create different commission rates for each employee. You’ll be happy to learn that QuickBooks knows which payroll adjustments are computed on gross pay and which are computed on net. After you do the initial work of setting up employees and their payroll deductions and contributions, you’ll find that regular payroll tasks can become completely automated.


PREVIEW

                                                                          

Not a subscriber?

Start A Free Trial


  
  • Creative Edge
  • Create BookmarkCreate Bookmark
  • Create Note or TagCreate Note or Tag
  • PrintPrint