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This time of year, accountants are superheroes in the tax world. While many of you use their expertise, we know there are others who do this on their own. Whether you have help or not, this Top 5 is focused on paying those taxes.
Yes, you can set these volunteers as your employees without affecting your payroll or taxes. As long as you don't run payroll for them, there will be no issues with your payroll.
Here’s what you need to do to add your volunteers to QuickBooks Online:
Take a look at other tips for adding users: Add your new employee to QuickBooks Payroll.
To accomplish this, you can create a zero net cheque. This makes sure that all $100 goes toward income tax. Other reasons you may do this are to:
First, you’ll need to add another earning pay type to the employee's profile, then use the net-to-gross formula to determine the gross pay amount. Once everything is all set, you can follow these steps:
After that, run the Payroll Summary by Employee report. This will give you comprehensive details about your employee's wages, deductions, and tax info. Just go to the Payroll section from the Reports menu's Standard tab.
If you paid taxes in another software, etc., you can add that information into your QuickBooks account.
To record your tax payment:
If the payment isn't listed, continue with the steps below:
Reminder: This will be a non-posting transaction. It won't affect the bank register, but clear the taxes from showing due and record the deposits.
o Payment Date
o Check Number (optional)
o Notes (optional)
o Tax Item Amounts
More details on this process are in this article: Recording prior tax payments.
At the end of the tax year, you need to provide your employees with a T4 form for each province or territory they worked in for your company. You will also need to provide your employees with a RL-1 slip if they worked in Quebec.
QuickBooks can generate this form for you.
Here's how:
Note: The mailing address is included in the instructions on the last page of your printed form.
If the customer is paying the fee, it's taxable income. You'll have to create an income account and a service item for your convenience fee. Then, add it as a new line item to your transaction to make it taxable. Here’s what you’ll do:
After that, create a service item following these steps:
Once done, add the service item as a new line item to your transaction:
Here’s a great article to read more about recording processing fees in QuickBooks Online: Choose where to record payments and processing fees for QuickBooks Payments.
There you have it! By finishing these steps, you’re ready for the new year to begin with a fresh start to your books. Be sure to check out our QuickBooks Online year-end guide and checklist, and stay tuned for more great year-end content.
Have more questions about preparing for year-end with QuickBooks Online? Our live social team is available to chat Monday through Friday from 9am to 8pm EST: https://quickbookshelp.ca/facebook
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