Greetings from the QuickBooks team in the New Year. We wish you all success in the year ahead.
In this edition of QuickBooks payroll news, we bring you some pertinent articles on investment declarations as well as leave year closure. We hope you find this useful.
How to create a new leave year and carry forward leave balance?
You can process leave year-end only after completion of the leave year. Once leave year-end is processed on payroll, employee leave balances will be carried forward to next leave year, based on leave configuration settings of your payroll. Read more here
How to create new leave year in QuickBooks Payroll
How to check and audit income tax declarations and deductions of employees?
You can check income tax declarations and deductions of your employees now in payroll. Go to Employees >> Employee Taxes Read more.
Income Tax Declaration Management in QuickBooks Payroll
Employees’ State Insurance Corporation (ESIC) has raised the monthly wage threshold to Rs.21,000 from the current Rs.15,000 for coverage under its health insurance scheme. This increase is effective from 1st Jan 2017.
What this means for you:
When you run payroll for January 2017, you will need to deduct ESI from the salary of employees whose gross wages are below Rs.21,000 per month compared to the earlier limit of Rs.15,000 per month.
Update in QuickBooks payroll software:
QuickBooks payroll would be automatically updated to give effect to this increase in the January pay run.
The government of India circular is available here.
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