QuickBooks Online Payroll 2023 - Complete Guide
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- čas přidán 12. 07. 2024
- During this video we are going to show you How to Setup QuickBooks Online Payroll Step by Step.
Chapter Guide available below.
If you are looking for more support beyond this video, here are a couple ways to connect with us:
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Early Registration for our QuickBooks Online Payroll Course: pxlme.me/learnqbopayroll
QB Community Facebook Group: / qbcommunitylive
Book 1-on-1 time with me: parkway.business/
Need to buy QuickBooks Online Payroll: pxlme.me/buypayroll
Looking for Time Tracking Solution: pxlme.me/qbtime
Want to Try QuickBooks Online: Use this link! pxlme.me/buyqbo
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Chapter Guides:
0:00 Introduction
2:58 Discussing the different payroll service offerings.
9:20 Welcome to QuickBooks Payroll
9:35 Why does it matter if you already processed payroll this year?
11:00 Setup Questions
14:20 What information imports between ADP, Gusto, Paychex, & Spreadsheet
15:30 Using the spreadsheet import template for payroll data.
17:54 Reviewing the imported information and completing employee setup.
Setting up your employees:
18:25 Edit employee detailed overview.
20:35 Employee self-setup
21:12 Editing employee personal information
21:48 Editing employment details
25:55 Workers’ Comp class code explained
Setting up Workforce from the EMPLOYEES view:
27:45 Accepting invitation
28:47 Personal Information (Address, Social Security Number, etc.)
30:10 Credit Karma Money checking account
31:47 Connecting to your bank account for direct deposit
33:27 Tax Withholdings (Filing status, Dependents, Multiple Jobs, Other Adjustments)
36:28 Review and Sign
Back to the EMPLOYER view after employee data has been entered:
39:15 Reviewing the employee information that was entered
38:45 Pay Types explained
40:46 Overtime Pay & Other Common Pay Types
41:10 Time Off Pay Policies
45:20 Paid Sick Leave Calculation Example
47:05 Discussing Additional Pay Types
49:10 Deductions and Contributions (Health Insurance, Retirement Plans)
53:44 Garnishments (Child Support, etc.)
57:18 Employees Tab in Payroll Area
58:10 Invite a new employee
Continue with Setup Tasks:
58:30 Payroll Overview Tab
59:13 Company Tax Information
Add Your Payroll History:
1:03:10 Q: How much did you pay each employee this year?
1:04:46 Adding in year-to-date numbers per employee (example)
1:06:00 Q: Let’s get into the tax details.
Connecting to your Bank Account:
1:07:00 Connecting your bank account.
1:08:55 Business Overview Questions
1:09:10 About Your Principal Officer
1:09:41 Add your bank account.
1:11:00 Explaining micro-deposits.
Let’s Handle Your Taxes:
1:12:10 Tell us What taxes you paid this year.
1:16:05 Tax Payment and Filing Options Explained.
Returning to our Setup after Micro-Deposits Cleared Bank:
1:17:14 Validating the Micro-Deposits
1:21:43 Sign & Review Tax Forms with error message
1:22:07 Principal Officer Unique Personal Questions
1:23:46 Take Care of Your Team Add-ons
Payroll Settings Detailed Overview:
1:25:31 Overview
1:29:03 Bank Accounts
How to fix your payroll processing to the wrong account video link: • How to fix QuickBooks ...
Accounting Preferences Detailed Overview:
1:30:48 Setting up the Accounting Preferences
1:31:20 Paycheck & Payroll tax payments
1:32:11 Wage Expense breakout options
1:34:35 The total cost of payroll for a company explained.
1:35:07 Company Contributions and Employer Taxes
1:36:00 Tax Liability Accounts
1:36:29 Class Tracking
1:37:22 Other Liabilities
1:37:40 Update exiting transactions
Time to Pay Your Employee - Manual Time Entry
1:38:28 Time to Pay Your Employee
1:41:10 Preview Payroll Screen Explained
1:43:14 Printing Paychecks & What it looks like.
1:45:20 Downloading Payroll Reports and Explaining each report in Excel.
1:48:47 Reviewing Your Payroll Taxes Due
1:51:16 How Payroll Hits your Balance Sheet and Profit & Loss
1:53:00 Completed Payroll Process Manual Time Entry
QuickBooks Time From Setup to Processing Payroll:
Time Links coming soon!
2:21:00 Looking for more support options?
Important Disclaimer:
This content is for information purposes only and should not be considered legal, accounting or tax advice, or a substitute for obtaining such advice specific to your business. Additional information and exceptions may apply. Applicable laws may vary by state or locality. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. Parkway.Business Inc does not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. Parkway.Business Inc. does not warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Readers and viewers should verify statements before relying on them.
Amazing, excellent detailed explanation. THANK YOU.
Thank you so much for watching and commenting! This video was my biggest project to date and took a lot of time. Receiving comments like yours makes it all worth it!
Great video! I'm just getting my bookkeeping business of the ground. I've been through the QB Payroll ProAdvisor training but was looking for a video that took me step by step through the payroll process. Your hit all the marks. Coincidentally, I realized we're in the same county. Again, great presentation. Keep up the good work!
Thank you for watching and commenting! We should connect in person sometime soon! I live on the west end of Ventura and always love connecting with people in real life! If I can ever be of assistance as you start up your new practice, do not hesitate to reach out!!
Thank you so much! Very informative content!
Thank you for watching and commenting!!
Great video, Matthew! Is there a way to set a "default" set up for all employees or do you need to do each one individually? If I have an employer portion of health insurance mapped to the expense account then how do you categorize the full bill due?
Well done
Thank you so much for taking the time to watch and comment!! I truly appreciate it!
Great video! thanks boss for the video with details briefing. I enjoyed and tried to realize all the topics you explained. I felt a little difficulties due to lake of knowledge in US Tax's, Insurance, garnishment and any other statutory payments policy. It will be very helpful if you provide another video with these topics, thank you.
This is a great idea!! Thank you I will add this to my list of planned videos!!
*Thank you for watching our complete tutorial on QuickBooks Online Payroll!*
If you are looking for a short video on processing payroll in under 10 minutes,
Check out this video: czcams.com/video/puk83ZUUOLY/video.html
Thanks and it's an excellent & very useful video. Could you be kind enough to cover how to record payroll prepared by third party? Thanks again.
Great suggestion! I really should do another video that shows how to handle the payroll with third party providers like ADP, GUSTO (which both have excellent mapping features built into the integrations) PAYCHEX and more...
The short version answer to try to help faster since content creation is a time consuming process is:
It is all about creating a payroll journal entry every pay period. I hope you will excuse me being a little bit efficient... I found a reply comment I posted to someone else a few months back which shows the basic layout of what the journal entry would look like... The top section is the most important part.
*FOR THIRD PARTY PAYROLL:*
Keep in mind that you want the payroll liabilities and the net pay as individual lines that should match to the total coming through the bank feeds. Then you can create a QBO Bank rule that assigns the "IRSUSATAX" memo to the Payroll Liabilities account which should zero it out each pay cycle. The net pay portion may be different depending on if they are independent checks that clear through, if they are all direct deposit, or if the payroll company pulls all funds for all payroll expenses as a single deduction from your bank account.
*THIS IS FROM A PREVIOUS QUESTION ON THIS VIDEO*
*NOTE:* This answer assumes when you mention "by location" you are speaking about the feature "locations" available in QuickBooks Online Plus or Advanced and NOT work locations of the individual employees
Unfortunately Payroll does not allow you to specifically map out wage types by location automatically. To accomplish you goal, I would suggest creating an adjusting Journal entry that reverses the bulk totals of any amount that you want to breakout ( I know you said net pay .. but I suggest gross) and then add additional lines below going back into the same account but this time assign a class and/or location on each line to accomplish the break out that you want.
TIP Keep in mind if you are using locations and you do not assign locations to every transaction, some will be captured under unassigned. This is the same as classes. We usually create an internal company catch all so everything looks great on Profit & Loss by Class or Location.
For example: (Made up numbers so the the tax amount is not accurate for gross wages)
Initially: ......................................Debits ...................Credits...................Location
Gross Wages .............................$10,000.00
Employer Paid Payroll Taxes:.....$765.00
Payroll Liabilities...................................................... $1,530.00
Net Pay ..................................................................... $9,235.00
Adjusting Entry example for 2 locations:
Gross Wages .............................$5,000.00........................................ Location A
Gross Wages .............................$5,000.00........................................ Location B
Employer Paid Payroll Taxes:.....$382.50 ........................................... Location A
Employer Paid Payroll Taxes:.....$382.50 ........................................... Location B
Gross Wages.............................................................. $10,000.00
Employer Paid Payroll Taxes..................................... $765.00
Hopefully this posts nicely formatted like I tried to make it look
Once you have journal entry formatted the way you want it, save it as a memorized transaction so you can quickly recreate it and just enter in the new numbers each payroll period.
Great Content!! thanks for the video. Question: Why does QBO payroll put reimbursements to employees within the gross pay? It should not be included since reimbursement are not taxable income. Should not be categorize as reimbursements and other payments after the gross pay. (I am talking about the preview report that you have before processing the payroll. (Yes I have checked that the type of pay is "reimbursement"
Great video! Is there a report that will breakdown the granual pay types we've added by employee? Ex. Reimbursements (Mileage), Reimburesements (Uniforms), Regular Pay, Driving Pay, etc.
Hi @Mattgraves1765,
Sorry for the delay to answer you comment, just in case you are still looking for the information the best report that I found to accomplish this would be the new Payroll Item List. While logged into your QuickBooks Online account, click the following link to open you to the suggested report:
*app.qbo.intuit.com/app/payroll/reports/payroll-item-list*
If you are looking for something different, reach out to me via Facebook Messenger and I will happily jump on a zoom with you to try to help!
facebook.com/Spotycus
*Thank you for watching and commenting!!*
Great video! How would you create a payroll journal so that the employees net pay, garnishments, etc, show up on the profit and loss sheet? I have to break down each payroll so it corresponds to our 15 different locations.
Hi Judy!
Sorry for the delay in responding. I was hoping I would have enough time to create a video tutorial to show you the best way to accomplish this, but time has not permitted yet.
Instead of delaying further I thought it would be more important to at least provide a written answer:
*NOTE: This answer assumes when you mention "by location" you are speaking about the feature "locations" available in QuickBooks Online Plus or Advanced and NOT work locations of the individual employees*
Unfortunately Payroll does not allow you to specifically map out wage types by location automatically. To accomplish you goal, I would suggest creating an adjusting Journal entry that reverses the bulk totals of any amount that you want to breakout ( I know you said net pay .. but I suggest gross) and then add additional lines below going back into the same account but this time assign a class and/or location on each line to accomplish the break out that you want.
*TIP* Keep in mind if you are using locations and you do not assign locations to every transaction, some will be captured under unassigned. This is the same as classes. We usually create an internal company catch all so everything looks great on Profit & Loss by Class or Location.
For example: (Made up numbers so the the tax amount is not accurate for gross wages)
*Initially: ......................................Debits ...................Credits...................Location*
Gross Wages .............................$10,000.00
Employer Paid Payroll Taxes:.....$765.00
Payroll Liabilities...................................................... $1,530.00
Net Pay ..................................................................... $9,235.00
*Adjusting Entry example for 2 locations:*
Gross Wages .............................$5,000.00........................................ Location A
Gross Wages .............................$5,000.00........................................ Location B
Employer Paid Payroll Taxes:.....$382.50 ........................................... Location A
Employer Paid Payroll Taxes:.....$382.50 ........................................... Location B
Gross Wages.............................................................. $10,000.00
Employer Paid Payroll Taxes..................................... $765.00
Hopefully this posts nicely formatted like I tried to make it look
Once you have journal entry formatted the way you want it, save it as a memorized transaction so you can quickly recreate it and just enter in the new numbers each payroll period.
If you still have questions, reach out! calendly.com/parkwayinc/15-minute-introductory-call
Thank you for the video.
How much pay for clock in and out?
I apologize, I am not sure I understand your question.
If you are asking how much to add QB Time, this link should take you to pricing: pxlme.me/qbtime
If you are asking how much you have to pay someone if they clock in and then clock out: That answer would vary by state. In California you are required to pay someone at least 2 hours if they show up for a shift and you send them home.
If I missed completely, please ask again.
Miles De Castro
Thank you for watching and commenting!!
@@Parkwayinc Miles de castro 1999