Checklist Before Creating Paychecks in QuickBooks
Paychecks play a vital role in QuickBooks. Itâ€™s a document that is issued by an employer for its employee to pay him for services rendered. In the current scenario, traditional paychecks are replaced by online or electronic direct deposits to the employeeâ€™s bank account.
Employees can also receive their pay slip that mentions the details of the calculations of the final paid amount. Paychecks have an important significance in accounting.
You need to check the following before paying your employees.
If applicable, download the recent tax table.
Download the current QuickBooks Desktop release.
Make your QuickBooks Desktop ready to work in Single-user mode.
Add few employee payroll items.
Input the W-4 information into QuickBooks Desktop. It is generall+y done at the time of setting up your employee record initially.
If you wish to pay employees through Direct Deposit, Go to the employee profile and create employee direct deposit information.
Go to the page where you have been creating paychecks. Set up paychecks in the same company file.
Different Options Available for Paycheck
Now, we will learn how to create paychecks in QuickBooks.