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Can I Do My Own Payroll In Quickbooks?

Can I Do My Own Payroll In Quickbooks?

Yes, you can do your payroll in QuickBooks. QuickBooks offers a payroll feature that allows you to efficiently process payroll for your employees. However, it’s important to note that using QuickBooks for payroll requires a subscription to one of their payroll services. The payroll services offered by QuickBooks vary by country, so you need to ensure that payroll services are available in your country and comply with local tax laws and regulations.

Steps to set up and run payroll in QuickBooks:

  1. Subscribe to QuickBooks Payroll: If you don’t have a payroll subscription, you must sign up for one that suits your business needs.
  2. Set Up Payroll: After subscribing to a payroll service, you must set up your payroll details in QuickBooks. This includes entering employee information, tax withholding preferences, pay rates, and other relevant details.
  3. Process Payroll: When it’s time to run payroll, you can access the Payroll Center in QuickBooks. Enter the hours employees work, and QuickBooks will automatically calculate gross wages, taxes, and deductions based on the information you provided during the setup.
  4. Preview and Approve Payroll: Review the calculated payroll to ensure accuracy. Once satisfied, you can approve and submit the payroll for processing.
  5. Pay Employees: QuickBooks will automatically calculate the amount paid to each employee, including direct deposit information, if applicable. You can then pay employees using your preferred payment method, such as direct deposit or printed checks.
  6. File Payroll Taxes: QuickBooks can help you generate payroll tax forms, such as Form 941, and make the necessary tax payments to government agencies. However, you are responsible for filing these forms and making timely tax payments.
  7. Keep Payroll Records: It’s essential to maintain accurate payroll records, which QuickBooks can help you organize and store electronically.