Entering the previous year's payroll data in QuickBooks Online (QBO) is essential for accurate year-end tax reporting. Let us guide you through the process, Chanju.
If you haven't run payroll in your QBO account, we'll need to get the pay history information. Here's how:
- Employee pay stubs or payroll reports with year-to-date amounts. The stubs or reports should show each pay item, deduction, tax, and net pay.
- If you’re starting with us in the 2nd, 3rd, or 4th quarter: employee pay stubs or payroll reports dated on or before the last day of the closed quarter.
- If you’re starting with us on July 15, your pay stubs or payroll reports should show your last payday on or before June 30.
Then, follow step 2 in this article until you finish the process to enter your employee’s year-to-date paycheque info and company totals: Add pay history to QuickBooks Online Payroll.
Once done, their pay history goes on their T4 or Relevé-1 and other payroll tax forms. You can refer to these articles for more details about these payroll forms:
However, if you have run any payroll transactions on the program, we recommend contacting our Payroll Support Team. They'll pull up your account in a secure environment and provide you with a Pay Edits template to add prior payroll transactions.
By following these steps, you should be able to enter your 2024 payroll data into QuickBooks. Accurate record-keeping and careful data entry are crucial to ensure that all your year-end tax documents are correct and filed on time.
Moreover, you can refer to this article about entering historical payroll tax payments to help you record tax payments for periods before you used QuickBooks Payroll: Enter historical payroll tax payments in QuickBooks Online Payroll.
The QuickBooks Community team is committed to supporting your business success. If you have further questions about managing your payroll transactions or any QuickBooks-related concerns, revisit this thread. We're always here to help, Chanju.
