Starting QuickBooks Payroll Mid Year

How to Start YTD QuickBooks Payroll Mid Year

Setting up QB Mid-Year Not Full Year
🔹 Suppose QuickBooks is used in the middle of the year to enter employees’ Y-T-D information. Users can manually enter Y-T-D data.

🔹 First, select the Help menu and choose About QuickBooks at the bottom. Then, press Ctrl, Alt and Y keys simultaneously when a screen appears. In the new window, a list of documents needed for entering Y-T-D history will be provided. After checking the required documents, select Next.

🔹 You will be asked for the date from which Y-T-D summaries are to affect accounts. Dates will have to be provided for liability and expense accounts as well as the payroll bank account. When this is done, select Next.

🔹 Now, you must provide the date from which you want to use QuickBooks Payroll to create paychecks. In case of doubts, get in touch with our QuickBooks Payroll Customer service team.

🔹 Note: Date must be adjusted to a later one if there’s problem in entering Y-T-Ds of the existing quarter.

🔹 When this is done, select Next.
🔹 Now enter YTD summaries for every employee.
🔹 In the Employee summary information section, choose an employee from the list and press the Enter Summary button, which will open the YTD Adjustment window.

🔹 Note: Previous quarters’ YTDs are provided as lump sums for each employee and present quarter’s YTDs are provided for each employee on each payroll.

🔹 Once completed, select Next and in the top-right corner of the YTD Adjustment window, and adjust the dates for every employee.
🔹 In the Earnings Items box, provide the employee’s wage information.
🔹 In the Other Employee and Company Payroll Items box, provide amounts related to additions, deductions, company contributions and tax deductions.
🔹 The Show Wage Bases button will create a column in the Other Employee and Company Payroll Items box, where the amount of taxable income can be displayed for each payroll item.
🔹 Next, the Accounts Affected button will display a window called Affect Accounts.

🔹 Options will be provided for how the YTD adjustment can affect the Chart of Accounts or COA. After selecting appropriate options, press OK.
🔹 When the first entry is done, go to the next entry by selecting the Next Period button. This process must be completed for all employees. After completion, choose OK to save the work.
🔹 In case the Pay Period Summary isn’t shown, change the First Payroll Date on the screen before to a later date and try completing the process
🔹 After all YTD entries are made, select Next for closing the information window.
🔹 Put in all previous liability payments made in the year. User has to then create the payment.
🔹 Previous quarters’ payments are entered as lump sums, and current quarter’s payments are provided for each payroll.
🔹 Provide the suitable Payment and For Period Ending dates (mostly, these dates will be the same).
🔹 Next, provide payroll and tax items and amounts in the Taxes and Liabilities field.
🔹 The Accounts Affected button will show options for how the YTD adjustment can affect the Chart of Accounts.
🔹 After finishing the first payment, go to the next by selecting Next Payment. This process must be completed for all payments, and then Done selected to save the work.
Choose Finish.

Help Support Mid-Year Payroll Set Up in QuickBooks

For any further assistance, please contact our QuickBooks Payroll Technical Support Team by dialling the toll-free number 📞1844 827 3817. The support team has knowledgeable QuickBooks tech support team experts who can provide complete assistance for QuickBooks and related products. Talk to them directly on the toll free number .

Leave a Reply

Your email address will not be published. Required fields are marked *

Call Now: 1-844-827-3817