QuickBooks is an online accounting software rapidly spreading through the industry due to its amazing features like cloud network where you can work with your partners in real-time. You can work with your team members from anywhere in the world. QuickBooks also automatically updates the information on the cloud so that even if you lose your device, your information stays secure. Another cool feature is that
QuickBooks uses High-Performance Computing (HPC) to raise firewalls against viruses and other nefarious intending programs. QuickBooks was developed by Intuit, an American business and finance software-developing company. This company is focused on making software that are useful small businesses, entrepreneurs and accounting specialists.
Many features are included in QuickBooks for smooth running of accounts, such as creating and sending GST invoices, ready-to-use GST reports and budget creation. As an additional feature, you can access QuickBooks using multiple devices and update your books on the go with your computer, tablet or laptop.
You can also keep track of your payments, bills and orders through its system. Creating a payroll is also extremely easy with QuickBooks. Collaborating with partners, employees and accountants are made easy with its Manage Users feature. A user can create the payroll stubs of their company's employees with the help of this software. It also makes communicating with your employees, sharing information with them and managing the accounts very easy.
One of these amazing features is the Payroll Checkup using QuickBooks Payroll Support. This feature is a part of QuickBooks Desktop which will help you make sure that your current setup is working properly. This is done by running inspecting your payroll data to confirm no missing information and no inconsistency. There are very fewer chances of losing your employees' details as the system provides the user with an opportunity to review the data anytime. So, you can review employee records, see the setup of payroll items, salary and tax. This diagnostic tool sees the changes in the tax amounts over time and offers suggestions for any problem that you might face.
This is how you can run payroll checkup in QuickBooks Desktop:
Before starting this,
you must make sure that you have created and saved a backup file of your data.
If you have a backup company file, then that is even better.
- Open
your QuickBooks
desktop and then click on Employees.
- Next,
you will see the option My Payroll Service, click on it.
- Now
select Run Payroll Checkup.
- Then
you will see some instructions on your screen; all you need to do is
follow these steps.
- Click on Continue.
You can also do
corrections in the salaries and tax amounts by using this setup.
- First,
click on Reports and then click on Employees and Payroll.
- Now
click on Employee Withholding. This will create a report of the employee.
- In
this step, you can review the report for any errors in its setup and make
the necessary corrections (if any).
- Next,
run a payroll checkup after you have made all the corrections.
- Now
run a Data Review.
- Now a window called as Review your payroll data click on Yes to create the report you can later use to make corrections in your wage and tax discrepancies.
If you want to make
corrections in your tax and salary variations, you can easily do so by
following the below steps.
- In
this process, the software gives you a red "fix-it" error if any
employee's recorded item has an error.
- You
can only move on to the next step unless you fix all the issues, to help
the user there are instructions and simplified explanation on how to
remove it.
- If
you find any variations in the salary or taxes in the report, click on
Payroll Item Discrepancies to print them.
- To
make salary-based adjustments in the discrepancies, you will click on No.
- Now
click on Continue to finish the Payroll Checkup.
- You can make use of the Payroll Detail Review Report to identify tax discrepancies. Also, by creating manual adaptations, you can correct both wage and tax variations.
If you would like to run a payroll checkup for the previous year's discrepancies, you can also do this by QuickBooks. For this, all you need to do is change the date of your computer system to last year, and you can then review last year's payroll checkup.
This payroll report can then be used for various processes and plan for any future changes that you might want. The report can be accessed easily by the user and can also be customized by using a QuickBooks feature. All in all, QuickBooks makes running payroll checkups an extremely effortless and trouble-free process.