The term payroll usually refers to a business’s financial records of employees, annual records of employee wages, and the distribution of employee paychecks. Running payroll consists of calculating employee earnings and factoring out federal and state payroll taxes. Payroll is often the most expensive part of a company’s operating budget.
Furthermore, the payroll procedure is difficult. Understanding each component of payroll, on the other hand, may help you gain a better understanding of your company’s financial situation. It can also assist you in staying in compliance with federal, state, and local tax and labor requirements. Apart from above, you can import the Payroll file into QuickBooks. Let’s discover the best ways to import & export your payroll file to help your business thrive.
Things to know before you import & export FPS file into QuickBooks Payroll
- You’re eligible to import one file with the highest number of employees and it should not contain multiple schedules. For example, employees having weekly or monthly schedules, for example, must be included in the file. Choose the FPS file with the most employees if you’re conducting both weekly and monthly payroll. The employees who are missing can be added later.
- Payroll liability and expense accounts should be renamed to make them easier to identify once imported into QuickBooks. For example, Payroll Expenses may be renamed Payroll Expenses (imported), and Payroll Liabilities, Payroll Liabilities (imported). This ensures that when you run your first payroll, QuickBooks may create new payroll expense and liability accounts. If you haven’t previously done so, you should rename the old payroll accounts in QuickBooks after migrating.
- You will be asked to choose a ‘Net Pay’ account when you run your first payroll. This is the bank account where each employee’s net wage expense will be deposited by QuickBooks Standard Payroll. Before you create your first paycheck, make sure you have a bank account.
Steps to import XML FPS file
Once you are ready with FPS file then use the below instructions to start importing into QuickBooks Payroll:
- First, login to QuickBooks Payroll (the specific version that you’re using)
- Move to the Employees or Payroll menu and then select the “Let’s go” button
- Now, select “Yes, import my data”, if asked
- After that, choose the previous payroll software and then hit “Next”
- With the highest number of employees, you can export FPS file
- Make sure this should be XML format
Important note: It is noted that make sure you select the most recent FPS with the most amount of employees to ensure that you’re able to select where you left off with no or limited manual entry
- On the next page, select the “Upload file” and then choose the XML file that you look to export
- On the last page, you have to click “Next” to begin the import process
- In case, you’re not able to import your file then you’ll be prompted a message stating that what action do you require to take
- Finally, login to your previous payroll software
- Save it somewhere in a safe place such as Desktop or My Documents on your system.
Limitations for Import & Export IIF files into QuickBooks
- A user can easily import transactions from their QB software app, but not export any other transactions.
- A huge number of entries is the largest number of entries that a QB program can process in a good manner.
- Links between transactions are not created when IIF files are imported.
- When a user imports an invoice or any bill with its payment, the invoice or bill will not connect once it is imported.
- They, as well as all other pairs, must be linked into the Receive Payments or Pay Bills windows. As a result, if a user needs to import something, link it to your transactions in the.IIF file.
- A user can now import assembly items with ease; however the database will not be imported into the item’s custom fields.
- As a result, users will be unable to import or export payroll data from any other QB desktop accounting files. However, this can be done by exporting payroll data from Intuit Payroll Full Services and Online Payroll.
- As a result, a user’s QB accounting software in the United States cannot be exported. It can be imported into your QuickBooks Canadian version or vice versa.
- When you’re ready to produce and import IIF files, you won’t have to input numbers with leading zeros in MS Excel spreadsheets.
- Intuit will not be held liable or provide any technical help to our QuickBooks clients for importing or exporting IIF files.
Steps to import .IIF Files into QuickBooks
- In the beginning, sign into the Company file as an Admin
- Make sure that you’re working on a single-user environment
- Now, go to the Main File menu and select Utilities >>> Import Heading >>> .IIF file option
- Next, move to the location of .IIF file and then highlight it with a bold letters
- After that, click “Open” and then a messages pops up on your screen to confirm your data that you wish to import instantly
- Finally, hit the “Ok” tab.
Steps to export .IIF Files into QuickBooks
- To start with signing into your company file as an Administrator
- Make sure that the user is in a single-user mode
- Next, go to the Main File menu and select Utilities >>> Export >>> give a list to IIF files
- Now, check the box which is next to each of the list that you want to export and then click the same
- Once done then click on the Ok button
- After that, move to the Export windows
- Save in: from the drop-down menu, choose the location on your desktop where you wish to save your .IIF file
- Remove or erase the asterisk (*) from the file applications of a name field
- After that, type a file name
- Select IIF files (*.IIF) as the type of file you used
- Save this option by clicking on it
- To save the file you’ve saved, click OK on the notification that appears.
The above discussed steps assist you in importing XML FPS and .IIF payroll Files into QuickBooks. With payroll data import, you can stay more organized and save you time and money as well. For more payroll queries, you can reach out QuickBooks professionals.
Need Professional Help?
If you get stuck anywhere in the process, feel free to get in touch with Payroll.AccountingErrors Support Team.