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PizzaPlus
Level 2

Profit sharing bonus check non 401-k

Hello,

 

I couldn't find a thread close to my question, so I'm posting my own.

 

On 12/31/21 I was informed that one of our employees is going to receive a profit sharing check. I know this has to be processed via the payroll, but have no idea how to even go about doing it from A-Z... To be clear, this has nothing to do with a 401K, just a check at the end of the year for profit sharing.

 

If someone can please help ASAP, I'd appreciate it, as our accountant needs a copy to file end of year tax forms.

 

Thank you in advance!

Solved
Best answer January 04, 2022

Best Answers
AlexV
QuickBooks Team

Profit sharing bonus check non 401-k

Hello PizzaPlus!

 

I can help you in recording this profit-sharing bonus check in QuickBooks Desktop Payroll.

 

You can simply create a bonus check. First, we'll need to add a bonus payroll item. Please follow these steps:

  1. Go to the Lists menu and select Payroll Item List.
  2. Click the Payroll Item drop-down and select New.
  3. Choose Custom Setup, and then select Next.
  4. Select WageNext > BonusNext.
  5. Enter the name of this item, then select Next.
  6. From the Expense account drop-down, select the expense account you want the item to track to, and select Finish.

 

Once done, please check this link: Create Bonus Paychecks In QuickBooks Desktop Payroll. Choose any of the options on how you want to record the bonus check.

 

I also added these links for your reference on how to prepare your tax forms in QuickBooks Desktop Payroll:

 

Keep on posting here if you have more concerns with this. I'll help you!

View solution in original post

2 Comments 2
AlexV
QuickBooks Team

Profit sharing bonus check non 401-k

Hello PizzaPlus!

 

I can help you in recording this profit-sharing bonus check in QuickBooks Desktop Payroll.

 

You can simply create a bonus check. First, we'll need to add a bonus payroll item. Please follow these steps:

  1. Go to the Lists menu and select Payroll Item List.
  2. Click the Payroll Item drop-down and select New.
  3. Choose Custom Setup, and then select Next.
  4. Select WageNext > BonusNext.
  5. Enter the name of this item, then select Next.
  6. From the Expense account drop-down, select the expense account you want the item to track to, and select Finish.

 

Once done, please check this link: Create Bonus Paychecks In QuickBooks Desktop Payroll. Choose any of the options on how you want to record the bonus check.

 

I also added these links for your reference on how to prepare your tax forms in QuickBooks Desktop Payroll:

 

Keep on posting here if you have more concerns with this. I'll help you!

PizzaPlus
Level 2

Profit sharing bonus check non 401-k

Wow-thank you for the clear instructions! 

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