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Payroll Processing

Payroll Processing. 2012. Objectives. Use the Employee Center to view previous payroll activity Update your Payroll Tax Tables Create Paychecks and override default calculations Edit, Void, and Delete Paychecks Pay Payroll Liabilities Adjust Payroll Liabilities Create Payroll Reports

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Payroll Processing

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  1. Payroll Processing 2012

  2. Objectives • Use the Employee Center to view previous payroll activity • Update your Payroll Tax Tables • Create Paychecks and override default calculations • Edit, Void, and Delete Paychecks • Pay Payroll Liabilities • Adjust Payroll Liabilities • Create Payroll Reports • Prepare Payroll Tax Forms

  3. 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

  4. 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 Quarterly and Yearly Returns)

  5. Using the Employee Center

  6. 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

  7. Selecting the Employees to Pay

  8. Paycheck Detail

  9. Printing Paychecks • Select Voucher check style so that QuickBooks can print the pay stub information on the voucher portion of the checks

  10. 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

  11. Editing Paychecks • If you haven’t printed the paycheck, you can edit the paycheck directly in the register • From the Employeesmenu, 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

  12. Paying Payroll Liabilities

  13. Creating Payroll Reports • There are several reports that you can use to analyze your payroll • Payroll Summary Report • Sales Rep Commissions • Payroll Liabilities Report

  14. Payroll Summary Report • Shows columns for each employee, their hours and rates of pay

  15. Sales Rep Commissions • Helps to calculate the commissions due • This report requires you to first tag each sale with the employee who gets credit

  16. Payroll Liabilities Report • Tracks the status of your payroll liabilities by Payroll Item

  17. Preparing Payroll Taxes • Upgrade your tax tables before processing Forms 941, 940 or W-2s • Use the Pay Liabilities window to create your tax payments prior to creating your Quarterly and Annual Payroll Forms: • The 941 will use these payments for the Deposits made calculation • The 940 form computes your Federal Unemployment tax based on the 940 contributions, your State Unemployment liabilities, and payments made throughout the year (if applicable) • All of the payroll tax forms calculate automatically using the information on Paychecks and Payroll Liability Payments

  18. Processing Form 941 and Schedule B

  19. Processing Form 940 • QuickBooks prepares Form 940 used to report the annual FUTA tax • The process for creating Form 940 is nearly the same as for Form 941 • The IRS requires that you pay Form 940 taxes separately than the Form 941 taxes • You’ll also print Form 940 on blank paper suitable for filing with the IRS

  20. Processing W-2s • From the Home Page, select Process Payroll Forms • Select AnnualForm W-2 – Wage Tax Statement in the Choose a form you want to use: section • QuickBooks displays the Process W-2swindow, select the Year • On the Process W-2s window, select all of the employees you want to review and then click Review W-2s • After you reviewing the W-2s, Click Print W-2s on the Process W-2s window

  21. Chapter Review • Use the Employee Center to view previous payroll activity • Update your Payroll Tax Tables • Create Paychecks and override default calculations • Edit, Void, and Delete Paychecks • Pay Payroll Liabilities • Adjust Payroll Liabilities • Create Payroll Reports • Prepare Payroll Tax Forms

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