Great to see you here in the Community, Mallik Arjuna.
I'd be happy to walk you through the steps of creating a customized option for Severance pay in QuickBooks.
If you're using QuickBooks Online, we can proceed as follows.
- Go to Payroll, then Employees.
- From the Run payroll ▼ dropdown, select one of the following: Bonus only, Commission only, or Fringe benefits if you already selected one of these as the pay type.
- Select As net pay if you know the exact amount you need to pay the employee. Otherwise, select As gross pay.
- Enter any additional info about taxes or paycheck calculations.
- Select the bank account you use in QuickBooks to track this type of payroll transaction. Also review the pay period and pay date.
- Select the employees you want to pay. Enter their hours, compensation, memos, or any other necessary paycheck info.
- Under Pay Method for each employee, select the link to choose a paper or direct deposit paycheck.
- Select Preview payroll.
- Select Preview payroll details to review the details. Then select Save for later or Submit payroll.
- When you're ready, select Finish Payroll.
If you're using QuickBooks Desktop, check out this article: Create final paychecks for terminated employees. On the same page, there's an option to create severance pay via scheduled payroll.
As always, feel free to browse our QuickBooks Help articles if you require any tips or payroll-related articles in the future.
You can always come by if there is anything else I can do for you. I'd be more than happy to assist you. I'd be more than happy to assist you.
