What is QuickBooks Payroll?
QuickBooks Payroll is a self-service application. It streamlines accounting works for the company’s employees and helps in easy payroll processing.
How Does QuickBooks Payroll Work?
The QuickBooks Online Payroll has two versions- Standard Payroll and Advanced Payroll, which can be added to the QB Payroll subscription. The payroll service is granted to SMEs to help them automatically complete real-time submissions to HMRC from remote areas.
- You need to, first of all, turn a payroll in QuickBooks Online and select a plan.
- Then you have to provide some information about your company and the employees like the proper name, date of birth, and contact information.
- If you want to switch from one payroll to another, you need to have your employee’s payslip.
- Also, you need to have the Tax and NI information for all the employee’s payments that you have already made.
Here’s how you can set up QuickBooks Online Standard Payroll-
- Go to Payroll and then Employees. Then click on Let’s get your business ready for payday. Click Let’s Go.
- Now, select if you are paying for the first time or you have paid your employees before. Click Save and Continue.
- Keep on selecting Save and Next for every new step.
QuickBooks Payroll Pricing, Service Plans, and Features
i) QuickBooks Payroll Pricing and Service Plans
The QuickBooks Online Payroll offers three plans:
1. Core plan- The core plan costs $45/ month plus an additional charge of $4 per additional employee.
2. Premium plan- The premium plan full-service to the users. The three payroll plans are Core, Premium, and Elite. It costs $75/month plus an additional charge of $8 per additional employee.
3. Elite plan- The elite plan costs $125/month plus an additional charge of $10 per additional employee.
ii) QuickBooks Payroll Features
Something that makes QuickBooks Online payroll different yet beneficial from all other payrolls is its features. The above three plans, which provide full-service, have the following features:
1. Direct Deposit- The three plans offer free direct deposit. The employees can pay their contractors, who may also be present in the application.
2. Unlimited Payroll Runs- The QuickBooks Online Payroll offers uncountable payroll runs. The users are not charged even if they run an additional run.
3. Automated Tax Filing and Calculation- The QB Online Payroll application can automatically find, process, and file payroll tax forms as well as tax deposits. It also helps in adding employee pay types and defining multiple pay rates to different employees.
4. Auto Payroll- The auto payroll feature lets employees run payroll without adding any additional entries, review payroll before processing, and add compensation as well as bonuses to the payroll.
5. QuickBooks Workforce- The feature helps the employees to get all the information related to their pay stubs, year to date earnings, current tax information, time offs, and W-2s.
Benefits of QuickBooks Payroll
1. Keep employee information organized- With QuickBooks payroll, it is easy to obtain all the required information including the employees’ financial institution and taxing authorities.
2. Prepare and submit payroll taxes- With QuickBooks payroll, the employees get easy tax filing and don’t have to worry about late filing penalties. The payroll helps in handling responsibilities related to Medicare tax, state and local taxes as well as FUTA and SUTA.
3. Process Payroll Quickly and Accurately- QuickBooks payroll helps in reminding when to pay the employees and provides a complete series of screens for running payroll.
How to Add Payroll to QuickBooks?
To add payroll to QuickBooks Online, follow these steps:
- Visit the Workers menu and then click Employees
- Now click Get started or set up Payroll
- Select the service type that you prefer using
Follow the shown online instructions to completely set up your payroll account.
How to Set up Payroll in QuickBooks?
To set up payrolls in QuickBooks Online, follow these steps:
- Click on the Employees tab on the left side of the bar
- Click on the Get Set up button
- Respond to all the questions related to prior payrolls
- Click on Add an employee
- Now complete all the employee info and your setup is ready.
How to Run Payroll in QuickBooks?
Before running payroll, make sure to have updated employee creations, salary revisions, and master changes, if there are any.
Here are the steps to run payrolls in QuickBooks.
- Click the Employees tab located in the left navigation bar to run payroll. Go to the Run Payroll situated at the top right of the page
- Choose the locations to process payroll for. If only one location is present, it will be selected by default and you will then be moved to the next tab
- Click next and enter Attendance details
- Enter employee wise Loss of Pay details manually by clicking the +sign
- Now, upload the attendance in bulk by clicking the arrow icon
- Select Next and enter the Pay Adjustments details
- Double click the employee grid in case you need to edit the existing records and to update different payment details like shift allowances, bonuses, incentives, etc.
- Click the +sign to fill employee or component-wise pay details manually
- Click the arrow to upload Pay Adjustment details taking help from an excel sheet
- Select Next in order to select employees to Run Payroll and then again click Next to confirm payroll output
- Double-press an employee in the employee grid section and view employee pay details. Also, correct and update additions in the payroll
- Complete payroll by clicking Next
- Click Download Salary Register if needed and select Lock Payroll and Post JV entry to post a journal entry
- Press Done and finalize payroll for the month.
Challenges in Payroll Update with QuickBooks Hosting
While hosting QuickBooks, many challenges do arise in the payroll update. Here we have highlighted some of the most common yet important challenges.
- The payroll section of QB Online does not get loaded
- The payroll connection error or payroll server error
- The slow running of QB on multi-user mode
How to Fix Payroll Errors in QuickBooks?
While using the payroll features in QuickBooks or managing the payroll system, the users may face some problems which are caused when the users try to update QuickBooks tax table, pay employees or update QB payrolls. The most common errors are QuickBooks Payroll Error:
- Error 15240
They may be tricky but all of them can be easily resolved.
Here are the steps required to troubleshoot some of these common errors.
1. Easily run a repair on QuickBooks
- Click on the start tab and select the control panel
- Now double click Add or Remove Programs
- Select the required Selected program
- Click Change/Remove
- Go to the QuickBooks repair window and select Repair
- Click Finish
2. Uninstall and reinstall QuickBooks
- Press the Microsoft Windows start button and select the control panel
- Manually delete these QuickBooks installation folders
- C:\Program files\ Intuit
- C:\Program files\ Common Files\ Intuit
- C:\Documents and Settings\ All Users\ Application Data\ Intuit
- C:\Documents and Settings\ All Users\ Application Data\ Common Files\ Intuit
- C:\Documents and Settings\ All Users\Documents (Shared Documents) \ Intuit
Frequently Asked Questions (FAQs)
1. Do I need to update QuickBooks Payroll every year?
No, it is not necessary to update QuickBooks payroll every year. But if you have a payroll module, it is important to update at least every three years.
2. How to enter Payroll in QuickBooks without Subscription?
- To enter payroll in QB without subscription, type manual payroll, and click enter.
- Select Calculate payroll manually (this is especially for the ones without a subscription to QuickBooks Payroll).
- Go to Set your company file and use the manual payroll calculations.
- Click the payroll calculations link.
3. What is QuickBooks Payroll Support Number?
QuickBooks payroll support number is (877) 300-7245. You can contact the support team from Monday to Friday from 6 am-6 pm PST.
4. Is QuickBooks Payroll easy to do?
Yes, QuickBooks Payroll is easy to work with and you can learn it easily. Also, you can update your accounting data and payroll updates in real-time. Added to this, you can easily share real-time payroll and accounting information using QB payroll.
Payroll is undoubtedly complicated and consumes more time when done manually. It is not an easy task employee accurately without any mishappenings with the numerical when the strength size is humongous. But with software like QuickBooks Payroll, the work becomes less hectic. QB Payroll allows better calculations, managing checks, and file documents and taxes.
What are your thoughts on this? Don’t forget to share them or place your query with us in the comment section below.