If you are using QuickBooks, you are aware of Payroll system. In payroll system, payroll items are the building blocks. These are basically used for making pay cheque, payroll liability payment, etc. Apart from these choices, payroll items are used to track the employee compensation like salary. Setting up payroll items in QuickBooks is not so easy task. You may need best QuickBooks Support for this task. Go through this blog to explore the solution.
Payroll Items in QuickBooks:
Payroll items are displayed in pay cheques and payroll reports in QuickBooks. It shows the items in payroll items list. It identifies the transaction of payrolls according to the use of payroll items. You can add payroll items if and only if QuickBooks payroll feature is turn on. Different types of payroll items are available in QuickBooks.
Some of these are listed below:
- Advance: This item is normally used for giving an employee advance payment which is to be reimbursed to the company.
- Sick Salary: This payroll item is used to pay salary to employee during sick time.
- Vacation Salary: This type of pay is paid out to the employee when he/she is on a vacation. This is a yearly salary.
- Sick Hourly Rate: This item is related to accurate time pay for an hourly employee.
- Vacation Hourly Rate: This item is also related to an hourly employee, who is on a vacation or left the company.
Types of Payroll Items:
Different types of payroll items are being used in QuickBooks. Some of them are listed below:
- Yearly Salary: This payroll item is used for those employees, whose annual salary is normally independent of working hours. It is also used for compensation to the salaried employees. This type is also included sick time and vacation pay.
- Hourly Wage: This type of payroll item is used for those employees who are working on hourly basis. Sick time and vacation pay are also included in such wage.
- Commission: This payroll item is normally based on a percentage of another quantity of a flat amount.
- Deduction: This item includes any deduction from gross salary of an employee. It can be calculated on a quantity or on a flat amount.
- Bonus: Bonus is treated as one time compensation which is being awarded to an employee at his/her discretion.
Track Your Payroll Expenses:
You can track your payroll expenses by job, class and service item. These expenses may be
- Yearly salary, hourly wages, bonus and commissions.
- Company contributions and additions.
- Paid payroll taxes by company.
If you need complete help or support for setting up payroll items in QuickBooks, feel free to call at Quickbooks Phone Number Get support form best QuickBooks Tech Support team 24×7.