Many times users have trouble converting the YTD payroll, as in the Year to Date payroll to online one. To resolve the issue we have listed an easy process to follow for setting up of payroll in QuickBooks Online.
QuickBooks online has garnered much attention of the accounting software users like business owner, bookkeepers and accountants. Its interactive dashboard along with powerful features is similar to that of QuickBooks Desktop software. However, some of the unique ones are listed below.
The amount of money spent on payroll from the beginning of the fiscal year to payroll current date is known as Year-to-Date payroll. It is based on the employee’s gross salary. Year-to-date payroll can also include the amount paid to your independent contractors.
In general it is gross income for employees and for business it is the earnings all employees earned including payments paid in this year.
Why is YTD in payroll important?
YTD helps you to compare your employee payroll expenses to the annual budget for those costs, so a business owner or accountant can easily compare payroll expenses to the total expenses. It is helpful for the filling Form W-2s and in the prediction of tax liability.
Some of the hot shot features of QuickBooks Online are:
Swift Synchronization:QuickBooks online version accords user with easy sync ability of the company file. This feature allows the business owner to go without waiting for his accountant to make changes and send updated file as all the work done can be viewed in real time.
Easy Connection with Apps and other Programs:Online version for QuickBooks accords users with dual benefit of managing shopping and paying bills by allowing them to connect with applications created for these things. This also helps in hassle free payment to vendors that make the software even more favorable.
Multiple Users:With QuickBooks Online software in hand, up to 5 users can access the software at same time. All the employees, who have regular need of the software, can be given separate login id and password using which they can log onto the software and complete their assigned tasks without needing to wait in queue to access company file.
Full Accessibility:The QuickBooks Online software most loved feature is its accessibility. With just user id and password in hand the user can get access into the software from their mobiles, as is Smartphone with Android or iOS, tablets and other gadgets. Another point is that the company file can be worked on from any corner of the world and at any time.
To start up the process there are certain pointer that need to be kept in mind which start with printing of specific reports that are as follows:
Current year’s summary report of each and every employee of payroll. This report is imperative for figuring and noting down the YTD withhold wages and taxes of all employees having W-2 form.
Another report summary revolving around the payroll run for every employee for the current tax period. This report will help in noting down the payroll total for all the pay dates made in the current tax year.
There are few assumptions made before the starting of the process that needs to be done by the user in order for proper transfer of Payroll to QuickBooks online.
These assumptions are:
First and foremost it is thought out that you are employing a Windows version of QuickBooks and not a Mac version.
It is assumed that the user has imported his company file from QuickBooks Windows’s version to QuickBooks Online. Follow the instructions below to do so in case this is not applicable:
Go to QuickBooks Windows Software and then select Company.
Now click on Export Company File to QuickBooks Online option.
Assumption is that all the data stored in QuickBooks Windows version is imported successfully to Windows online version.
Process of Converting YTD Payroll to QuickBooks Online
First go to Employees tab and select from the menu bar.
Now click on Complete Payroll Setup found on the top right side upper section of the screen.
In this new screen the user will be asked to provide some imperative information regarding the business which will get the software to know more about the user.
The user will also be asked to offer some payroll information like whether any employee has been paid in the current financial year, when is the user likely to run their first payroll process in QuickBooks Online software.
After this, the user will be directed to new window having the list of all the employees of his company. Those employees who have some sort of information missing from the system will be marked against their name. To complete the information the user will need to click on their name.
In the new screen labeled with the name of the employee finish all the required data like withholding data, deductions, pay type and rate, pay schedule along with details regarding how much has already been paid to the employee in the current financial year.
Now you have to confirm all the tax details inclusive of that asked for Federal, State and the employees. Ensure that all these information is correct and authentic as they are used to fill out payroll forms and taxes automatically when required.
Now all the user has to do is complete all the old payroll details and to review completed ones by clicking on the pay dates.
After completing the 7th step the user can directly run the payroll immediately by clicking on Run Payroll Now tab on the pop-up message box. However, if he wishes to continue with step 8th, he should opt for Run Payroll Later option.
When the details are completed, the user can run payroll by going to Employee tab from the menu bar and then Run Payroll option.
Need Experts Help in Converting YTD Payroll to QuickBooks Online?
The steps should easily transfer all Year to Date payroll to QuickBooks Online software. However, if the user still faces any issue he or she should immediately get in touch with the QuickBooks Payroll Tech Helpdesk of Intuit. In case the user urgently requires support and does not have time to wait in long queue they can alternatively call an expert agency called QBPayrollHelp for their authentic tech support for QuickBooks payroll via Toll Free Number 📞+1-844 -827-3817.