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Hi, I have the same concern, as I have used Quicken (not Quickbooks in any incarnation) to run my business and $120,000 payroll, and see that I will be forced to use Quickbooks, pay annual fees for that, I guess the $900 a year Intuit was getting from my IOP subscription was not enough.
The work around I am going with is to switch to a basic online payroll (Patriot I think I'll use, there are others) and at the end of each payroll, just make one entry in my Quicken of "payroll expense" and "payroll liabilities". That will keep my Profit and Loss accurate, all the withholdings and unpaid taxes will go in the liabilities, and all the pay and employer taxes go in the payroll expense entry.
I did not come up with this, that is how the old online Intuit payroll did it. If you go back to 2009 with Intuit, go find those payroll entries.
When you want a breakdown, your online payroll service will have the needed reports.
To get the figures for those two entries,"payroll expense" and "payroll liabilities" , your payroll service will have a quick report for each payroll run with the total wages, employer expenses, etc, I don't expect that I will have to add but 3 or 4 numbers to find the two figures I'll enter in Quicken once a week.
I'm betting I can figure out a way to download the report in CSV and then run a converter (google csv to qif converters) to make it even easier down the road.
I think I'm ready to be done with Intuit, and do a few calculations once a week, to keep Quicken (been using it since 1989).
When comes time to balance the checkbook, I won't have an entry for each paycheck, but as long as the paychecks (which are grouped on the bank statement anyway) total equals the "net wages" that I entered for that week, I'm good.
So the once weekly entry will look like one check, with the amount of the transaction is what your payroll that week says is the net pay, then the split entry is the expense is the reports total expense for that week, and the remainder, the "liabilities" (which will be showing automatically once you make the two previous entries) should equal all the withholding and unpaid taxes.
Here's an example if I can insert it here. The net pay is in the register and is what is taken out of the bank, but the split shows the expense and subtract the liabilities equals the net.
Below: the net (take home pay) of 219.90 is the difference of the split entries. Just make one entry like this for the whole payroll that period. No QIF import, your P&L is good, all detail reports come from any ol payroll service you choose.
