2014-12-09 00:00:00 QuickBooks Blogs English https://d3hrajprm8dqcv.cloudfront.net/wp-content/uploads/2017/05/08195227/11.jpg 1,2,3, Go – Set up your QuickBooks Payroll in Easy Steps

1,2,3, Go – Set up your QuickBooks Payroll in Easy Steps

3 min read

Simplicity is the essence of life said a great thinker. Why should your payroll set up experience be any different? We have made the payroll set up hassle free so that you can start running payroll within a few minutes.   Setting up your payroll account involves the following steps at a broad level   1. Configuring your company payroll rules 2. Setting up the various masters and payroll elements 3. Creating your employee ids   Configuring your company payroll rules You can access the Payroll Settings from the “gear” icon on the header of your QuickBooks screen. This is the same place where you access the other Settings too. Once inside the Payroll Settings, you can see all the settings to configure on the left menu. Enter the statutory registration numbers and upload your company logo. This logo will show up in employee payslips and other reports QuickBooks generates. If a compliance is not applicable to you, just skip those sections and enter whatever is relevant to your company.   Keeping it simple – We have taken care to ensure that we don’t ask you to re-enter information you have already provided in QuickBooks. Data such as Authorized Signatory name, designation and personal details automatically get filled in all tabs if you enter the same in the first tab.   Set up all your rules from the “Configure Rules” tab. Keeping in line with the varied needs and rules Indian companies have, we have a comprehensive set of features you can enable to manage end-to-end payroll. Starting with multi location holiday calendars, attendance cut off dates, managing expenses and benefits with or without payroll – we have everything covered. The leave rules alone can handle around 50 different functionalities covering automatic credits, encashment, sandwiching, minimum service period and applicability to different employee groups.   We have hidden the complexity in the simple user interface – you don’t see what is not relevant to you. The rules are pre-configured for you based on our experience of setting up more than 500 companies like yours. The inline help on the mouse hover explains what each feature stands for and what you should do.   Setting up the various Masters and pay elements   Parameters like departments, designations, cost centers are in the Masters section. You can draw various reports based on these parameters in QuickBooks payroll. Setting up the Masters is a real breeze – just use our pre-defined spreadsheet template to fill in and import all masters in one shot.   Payroll elements – earnings, deductions and statutory components   The salary components tab under Payroll Settings helps you manage all the payroll earnings, deductions, overtime, reimbursements and statutory components. You can specify, for each component various features like taxability, effect on CTC, fixed or variable, type of calculation, dependency etc. We have taken care to ensure that your account is not only pre-configured with the 10 of the most commonly used pay and statutory elements, but also mapped these to the same ledgers in your Chart of Accounts. With this taken care of, you are ready to run payroll and see the payroll journal get automatically posted in your books of accounts. Goodbye manual payroll journal posting, goodbye errors and time lost.   Creating your employees ids   The last step before you run your first payroll in QuickBooks is equally simple. Either create the employee ids in the system by clicking the “+” Add icon or just download the spreadsheet template, fill in the details and import it into QuickBooks. This template gets created specifically for you – with those master lists, pay components and leave names you created earlier. That’s a real tailor made template for you!   Most of the data inputs into your QuickBooks payroll account can be done through spreadsheets – holiday lists, employee week, employee data edits, legacy salary sheets, employee tax declarations, pay details edits etc. This feature is bound to save tons of time and keep your on-boarding experience real simple.   That’s it…you are set to run your first payroll. We will bring you more on running payroll in your QuickBooks account in another blog post soon.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

Related Articles