Find this Pin and more on Technology QuickBooks by Elizabeth Bateman. A clip from Mastering QuickBooks Made Easy: Customizing the Icon Bar in Quickbooks Pro Get a FREE demo of our training for groups of 5 or more at http.

• QuickBooks might warn that a paycheck for that period already exists. Click Continue if you want to create the loan payment check. You are returned to the Enter Payroll Information dialog box.

Also, your accounts may be different depending on your state or the applicable deductions. If you’re unsure of what you need, check with your accountant.

Again, I used a sample file for these screenshots. You can use account numbers or not—do what makes sense for your company. Also, your accounts may be different depending on your state or the applicable deductions. If you’re unsure of what you need, check with your accountant.

In Canada, most people are a part of a group registered retirement savings plan (GRRSP). This plan has its own set of advantages and disadvantages over other, but it does allow employers to match their employees’ contributions. This extra benefit helps attract and keep employees, and it also gives your business a tax deduction for the years you match contributions. Helping Attract and Keep Employees Matching employee retirement contributions helps attract new employees to your company and encourages existing employees to stay. From an employee’s perspective, this contribution seems like free money towards their retirement if they can afford to contribute to the plan. The key to getting the most out of the match comes down to providing an attractive percentage that’s cost effective from a business perspective.

(For cash advance and loan repayment, use asset accounts.) • If you use subcategories or subaccounts, use a colon to separate the category name from the subcategory; for example: Payroll:Gross Wages (no space before or after the colon) • Set up QuickBooks Mac classes. Click Customize to enter the account names exactly as they appear in QuickBooks Mac or select from the drop-down list. • When entering accounts, read the help topics next to each field to choose the right account type. In general, enter or select an expense account for the Wage and Tax Categories. For the Liability accounts, enter or select the corresponding QuickBooks Mac Liability account. • If using a cash advance or employee loan deduction, enter or select an asset account to receive the payroll data • If you use different accounts for different groups of employees, select that option in the wage/tax category section to enter or select different QuickBooks Mac accounts for each employee.

How much bechamel for pound of macaroni. Here, you can review and edit the payroll information, if needed. After entering or editing the paycheck details, click the “Save & Close” button. To create the paychecks, click the “Create Paychecks” button. If printing the paychecks in QuickBooks, click either the “Print Paychecks” or “Print Pay Stubs” button, as needed.

(For cash advance and loan repayment, use asset accounts.) Step 3. If you use sub-categories or, use a colon to separate the category name from the subcategory. For example, Payroll:Gross Wages (no space before or after the colon). 2) Setup QuickBooks classes If you have not yet set up classes that apply to your employees in QuickBooks, create them now. Once the classes have been set up, write down their names or print the list of classes and highlight the ones you will use for the payroll data.

Enter the employee's name and paycheck date. Enter a pay period in the Memo field. Skip the amount field for now. QuickBooks calculates the amount when you enter the gross wages and deductions in the Expenses area below the check. Enter the expenses that apply to the paycheck in the Expenses area. To show you how to do that, I’ve included a screenshot below.

Startup costs are those expenses that were incurred prior to the start date of the business, and are amortized over a number of years so they are not a total expense in the first year. Initial costs – market research, advertising the future opening of your business, salaries for training employees before the business opened, incorporation costs, trademarks and the likes are startup costs. As for amortization, that’s just a fancy accounting term accountants like to use when they refer to the process of spreading costs out to more than one year. They are usually intangible costs like legal fees, government filing fees and the likes. Fortunately, amortization is generally a straight-line process; you take the costs and divide them by the number of years and expense by that portion. It is always important to consult a CPA prior to booking startup costs. If there are technology equipment such as computers or furniture in the initial purchases, you will need to separate them if they are used in the business, since they will need to be depreciated.