11 Dec 2017
QuickBooks is an intelligently designed accounting software. It is integrated with features that meet the needs of different business sectors. The software is an excellent solution for businesses looking for complete accounting support, online. Not only tracking financials becomes easy but you get solutions to queries like: How to pay bonus in QuickBooks. Since everything is handled by machines, thus it helps you save loads of time.
The software helps significantly in employee payroll by automating the entire system. The bonus payment is a crucial task that QuickBooks manages without hassle. Within the program, you get the option to pay bonus using a separate paycheck tab. But if you are using Desktop version of QB then bonus option can be seen already configured.
The main problem that people usually come across is that they don’t know how to pay bonus in QuickBooks. Though paying bonuses is a way of appreciating employees and should be practiced more often than not. But the real deal is recording them in the books of accounts. Here are the few things that need to be taken care of before recording a bonus:
In case of any confusion, it is recommended to check with your tax advisor who will guide you on deferral bonus paychecks.
In case if you are not looking to create a new item then follow these steps to configure a (payroll) item for a bonus?
QuickBooks comprise an item in case you calculate for Worker’s Compensation. If in case you eliminate the Bonus in the calculation then you would need to create the Bonus payroll item as an addition to a tax tracking type of Compensation.
If you are using QuickBooks as your bookkeeper and looking for how to pay bonus in QuickBooks then follow the steps below:
QuickBooks Desktop helps its users in tracking the withholding taxes. This is done is accordance with the tax Filing Status and allowances in the profile of the employee.
In order to do that, you would need to set up and run payroll with bonus amounts. There are basically two ways of doing this:
For Adding the Bonus pay type you can follow the below-mentioned steps:
If you have Other Earnings pay types follow the below-mentioned steps to add the same within your QB account:
Ensure that you do not mention any amount on the “Recurring amount” box of that setup page. Also, click on the pencil icon beside Other Earnings to change the name to “Bonus 1” or any other desirable name. In case if any other earning type needs to be added then choose to click on the said box.
This completes your query “How to Pay Bonus in QuickBooks”.
For any further info. on payment bonus, you are requested to get help from QuickBooks experts. They are approachable round the clock with reliable information and instant support.
QBPro.ca hires top QuickBooks professionals who are highly experienced and knowledgeable in handling QuickBooks. They assure quick support with the minimum wait time. To get help directly call our toll free number and garner immediate support.
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We are a Quickbooks and TurboTax consulting firm that takes care of all the issues that people might ever face within these programs. If you are using any of the above platforms and are continuously faced with bugs then we are here to help. You can connect with us for errors related to Quickbooks or TurboTax via any of the medium below:
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Disclaimer: QBpro.ca is a reputable QuickBooks® Consulting firm that provides professional support services related to your accounting software. It is also a front-runner in providing 3rd party technical support services for quickbooks.
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