In QuickBooks, a paycheck is a type of transaction used to record payments made to employees or independent contractors. It can include wages, salaries, bonuses, commissions, and other forms of compensation. Paychecks are typically recorded in the Payroll Center and can be printed or direct deposited.
Unscheduled Payroll Paychecks– paychecks that are issued outside of the normal payroll cycle. This could be due to a variety of reasons, such as a bonus, a retroactive pay raise, or a one-time payment for a special project. Unscheduled payroll paychecks are usually issued as separate checks from the normal payroll check, and they may be taxed differently than the regular payroll check.
Scheduled Payroll Paychecks-paychecks that are issued to employees on a regular, predetermined schedule. This can include weekly, bi-weekly, semi-monthly, or monthly paychecks. Scheduled payroll paychecks are typically issued through direct deposit, but can also be issued through paper checks. The paycheck amount is based on the employee’s salary or hourly rate, as well as any additional compensation such as bonuses or overtime pay. The employer is responsible for calculating and issuing the correct amount of pay to each employee on the scheduled date.
Termination payroll checks-Terminated employees should receive their final paycheck on their last day of work. The check should include all wages earned, unused vacation time, and any other benefits due to the employee. The check should also include any applicable deductions, such as taxes and insurance premiums. Depending on the state, employers may be required to provide additional information, such as a statement of earnings and deductions.
- Turn on the Payroll Service.
- Get the most recent version of the tax table.
- Set QuickBooks Desktop to run as a single user.
- Create a payroll line item.
- Put in the “Employee withholding information” clause.
- Set up “Employee direct deposit details” if you wish to pay via Direct Deposit.
- Paychecks can be generated in the same corporate file.
- Find the location where you are making QuickBooks paychecks.
- Also see: QuickBooks Cannot Generate Accountant’s Copy
- Go to the Employees tab in QuickBooks Desktop.
- Select the “Payroll Center” option.
- Select the “Create Paychecks” option.
- Select the employee or employees you want to generate paychecks for.
- Enter the pay period end date and any other relevant information.
- Enter the hours worked and any other relevant information.
- Select the pay type (e.g. salary, hourly, commission, etc.).
- Choose the employee’s pay rate.
- Enter any deductions or benefits that need to be applied.
- Select the type of check you want to generate (e.g. direct deposit, paper check, etc.).
- Select the bank account you want to use to pay the employee.
- Review the paycheck information and make any necessary changes.
- Click “Save & Close” to generate the paycheck.
- Payroll Setup: This is the first step in setting up payroll in QuickBooks. This involves entering employee information, setting up payroll items, and setting up payroll taxes.
- Payroll Processing: This involves running payroll in QuickBooks. This includes calculating employee wages, calculating payroll taxes, and printing paychecks.
- Paycheck Printing: This involves printing paychecks for employees. This includes setting up check printing preferences, printing checks, and distributing checks.
- Payroll Reports: This involves generating payroll reports. This includes creating pieces for payroll taxes, employee wages, and other payroll-related information.
- Payroll Liability Payment: This is a payment made to cover the payroll liabilities incurred by the company, such as taxes, insurance, and other deductions.
- Employee Wages: This is the payment made to employees for the work they have done.
- Bonuses: This is a payment made to employees for extra work or performance.
- Commissions: This is a payment made to employees or independent contractors for sales they have made.
- Reimbursements: This is a payment made to employees to cover expenses they have incurred while on the job.
- Vacation Pay: This is a payment made to employees for the time they have taken off from work.
Generating paychecks in QuickBooks Desktop is a straightforward process that can be completed in a few simple steps. Once the payroll information has been entered and the paychecks are generated, they can be printed or emailed directly to the employee. This makes the process of paying employees much easier and more efficient.