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Top 5- Employees & Payroll

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Hello! Welcome back to another Top 5. Are you wondering how to go about setting up a payment received for an insurance claim, or how to go about adding in vacation time for your employees?? If so then you’ll want to keep reading as I will be covering a few of the most asked questions on the topic of employees & payroll! So let’s get started and walk through these together!
 
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I’m glad you asked. Let’s take a look how!
 
To void a check from a closed / prior period in QuickBooks Desktop, you’ll want to do the following:  Enter a deposit in the current period for the total amount and post it to principal & interest accounts. You’ll then want to make sure that you put in the description the Check #s that you are voiding. This will then put the amount back in the checking account.

Then, when you reconcile the bank account, make sure to check that the checks are being voided & that the deposit is marked as cleared.  

Lastly, you’ll just go ahead and reissue a check as needed!
 
Great question!
 
To record the payment, you can start by creating an account to track the entry. Once you’ve done that, you can go ahead and make a deposit. The steps are easy to follow.
 
Here’s how:
  1. Tap the Accounting menu on the left panel and select Chart of Accounts to open the All Lists page.
  2. Press the New menu in the upper right to access the Account window.
  3. From there, choose the account you want to use by clicking the Account Type drop-down.
  4. Then, choose the correct category in the Detail Type drop-down.
  5. Enter a term that will identify the account in the Name field.
  6. Fill in the remaining field boxes.
  7. Hit the Save and Close button.
     

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To deposit:
  1. Click the New menu in the upper left and choose Bank Deposit under the Other section.
  2. On the Bank Deposit page, go to the Add funds to this deposit section to input the entry.
  3. In the Received from column, choose the appropriate recipient and then enter the account previously created in the Account field.
  4. Type in the amount and fill in the remaining field boxes.
  5. Once done, press the Save and close button.
 
That’s all there is to it!
 
Let’s take a look at how you can do this!
 
Changing your fiscal year or the start of your financial year will also change the dates in your report. However, your data will not change, so you can simply enter the dates (Jul-Jun) when you need to see the data in your previous financial year.
 
Here’s how you can go about changing the start of your fiscal year in the settings:
  1. Click on the Gear icon and choose Accounts and Settings.
  2. Select the Advanced tab and click on the Accounting section.
  3. Choose January for the first month of fiscal year option.
  4. Click Save, and then Done.
 
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You can also check out this article on customizing and saving your customized reports. This will guide you to create reports for the previous fiscal year and save them, so you won't have to customize again when you need the same report in the future.
 
I got you covered!
 
Resending a workforce invitation to your employee's new email address is easy peasy. You'll just need to cancel the access and resend the invitation to the new email address.
 
Here's how you can do this:
  1. Sign in to your QuickBooks Online (QBO) account.
  2. Click Payroll from the left menu, then select Employees.
  3. Choose the employee you need to resend the invitation to.
  4. Go to the Personal Info section.
  5. Next to We’ve invited [employee] to view their pay stubs and W-2s online with QuickBooks Workforce section, select Revoke Access.
  6. Then, edit the employee’s email address and select Resend Invite.
  7. Click Done.
 
After resending the invitation, your employee will receive a new invitation. For more guidance on this topic, you can check out this article: Invite your employees to QuickBooks Workforce to see pay stubs, W-2s, and more.
 
You can also provide this article to your employees for further resources and support: View your paychecks and W-2s in QuickBooks Workforce. This will help them see their paychecks, W-2s, and personal info in Workforce.
 
Let me walk you through this! You can set up time off in your payroll by following the below steps:
 
For QuickBooks Online Payroll:
  1. Go to Payroll, then Employees.
  2. Select your employee.
  3. From Pay types, select Start or Edit.
  4. Scroll down to the Time off policies section. From the Paid time off, Unpaid time off, Sick Pay, or Vacation Pay ▼ dropdown, select Add new [time off pay] policy.
  5. Complete the on-screen fields to create your policy, then select Save.
  6. When finished, select Save.
 
For QuickBooks Desktop payroll:
  1. Select Lists, then Payroll Item List.
  2. Select Payroll Item ▼ dropdown, then New.
  3. Select Custom Setup, then Next.
  4. Select Wage, then Next.
  5. Select Annual Salary or Hourly Wages, then Next.
  6. Select Sick or Vacation Pay, then Next.
  7. Enter a name for the item, then Next. Note: If you use time off you can rename this item to TO.
  8. Choose the expense account you want for the item, then Finish.
 
That’s all there is to it! If you’re wanting to add sick or vacation time to a regular or separate paycheck, make sure to check out this article.
 
I hope you found these Q & A’s helpful. As always, if you have any other questions or concerns, please feel free to ask us here in the Community.  See you next time!
 

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