Posted by admin on November 27, 2012 in, The idea behind QuickBooks Payroll is simple to understand. For any amount to appear on an employee’s pay cheque, it must first be set up as a payroll item. In this post I will show you how to: • Identify the different types of payroll items • Set up wage items such salary, hourly rates and commissions • Set up reimbursement items • Set up deduction items • track payroll items through the chart of accounts Payroll items – how to When you create a payroll transaction in QuickBooks—whether it’s a pay cheque, a payroll liability payment, or a payroll adjustment—you use payroll items to do it. You use payroll items to track the following: • Employee earnings (salaries and wages) • Amounts you deduct from pay cheques (income taxes, CPP and EI, etc.) • Employer-paid expenses (such as company-paid benefits) • Any other additions and deductions (such as car allowances and loan payments). After you enable the full-payroll preference (as described in the post on November 20, 2012), QuickBooks will automatically create a default set of payroll items. To view these default payroll items, click the Lists menu then select Payroll Item List.

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Review the Payroll Item List and consider the unique needs of your company. Most business owners will probably find it necessary to create additional payroll items.

Payroll item types QuickBooks lets you set up six types of payroll items. • Wages – Track fixed salaries, hourly wages, commissions, bonuses, paid sick time, vacation pay and advances. • Additions – Add amounts to an employee’s earnings that are not wages or bonuses. Additions can be flat amounts or calculated on a quantity (such as the number of hours the employee works). A car allowance paid to an employee is an example of an addition.

• Deduction – Deduct amounts from a pay cheque that are not payroll taxes. Examples include union dues and deductions under a group RRSP. • Company Contribution – Calculate employee benefits paid by the company.

Examples include company pension plans and group health plans. • Other Tax – Calculate miscellaneous taxes based on employee wages. These taxes might be paid by either the employer or employee. An example is payments to a Workers Compensation Board. Creating a Payroll Item for Hourly Wages 1. From the Payroll Item list, click on the Payroll Item button and then choose New. In the Add new payroll item window that opens, select the Wage button then select Next.

In the Wages window, select the Hourly Wages button. Select the Regular Pay button then select Next. Enter the name of the Payroll Item then select Next. Select the appropriate Expense account where you want to track these payroll expenses.

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Record of Employment (ROE) tracking With certain types of payroll items—wages, and other items such as additions and company contributions—QuickBooks displays the Record of Employment (ROE) Tracking window. The ROE tracking window defines how insurable earnings are tracked. Insurable earnings are the total earnings that an employee worked in the last 53 weeks and for which the CRA requires an employer to deduct Employment Insurance (EI) premiums. In general, most of the hours that employees work are insurable, and most types of payments to employees are subject to EI premiums. However, there are some exceptions. Your accountant or local CRA or HRSDC office can advise you about whether these exceptions apply to your business.

If an employee leaves your business, you must record his or her insurable hours on the employee’s Record of Employment. The HRSDC then uses this information to determine if a worker is entitled to EI and, if so, for how long. You must also determine whether the hours are insurable in the period for which they are paid or in which they are paid.

Most payroll items should be marked “For which they are paid.” This means you are assigning the employee’s earnings to the pay period during which the employee actually did the work, even if you are paying for that work later. In other words, an employee earns his or her salary or hourly wages when he or she does the work for you, not when you issue his or her pay cheque two weeks later. If you have no payroll items mapped with the “For which they are paid” option, QuickBooks cannot create an ROE report. Some payroll items should be marked “In which they are paid.” This option means you are assigning the employee’s earnings to the day you issued the pay cheque, regardless of when the employee did the work.