How to set up payroll items for officer compensation in QuickBooks
QuickBooks allows you to create more than one salary payroll item so you can track officers’ salaries separately from other salaries. By using separate salary items, you can generate reports showing a breakdown of these payroll items and expenses.
Step 1 – First, you have to display the Payroll Item List.
Step 2 – Now, click on the Payroll Item which is at the bottom of the list and then click on the New button.
Step 3 – Select the Wage and the click on the Next button.
Step 4 – Select whether the payroll item is for sick, regular, or vacation pay, and then click on the Next button.
Step 5 – Now, enter a payroll item name, such as Officer Salary, and then click on the Next button.
Step 6 – And now, you have to choose an expense account.
Step 7 – In case, if you plan to use the TurboTax, then you have to select or set up a different expense account, such as Officers’ Salaries Expense. Then, this account can be a subaccount of your regular payroll expenses account.
Step 8 – Click on the Finish button.
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