馃攳
How to Pay Payroll Liabilities in QuickBooks - YouTube
Channel: Candus Kampfer
[0]
hey it's Candace and in today's
[1]
QuickBooks tips and tricks you'll notice
[3]
I have a bit different backdrop and
[5]
that's because I'm in transition but I
[7]
wanted to create this video for you
[8]
someone in our community sent me an
[10]
email asking about payroll liabilities
[12]
and this is a common question that
[14]
people ask it's a common worry that
[17]
you're going to pay your taxes wrong
[18]
because of fees and all that now what
[21]
I'll say is take a breath we'll figure
[22]
it out the there's a lot to learn about
[25]
payroll taxes so today I'm just going to
[27]
teach you a couple reports to pull and
[29]
how to actually pay the liabilities but
[32]
I have recommendations on how to set up
[34]
your payroll liabilities make sure it's
[35]
being done right like how to do your
[39]
quarterly reports like all of that and I
[41]
was thinking about doing a webinar so if
[44]
you're interested there's a link below
[45]
go ahead and put your name email and
[47]
when I get ready to do it in the next
[49]
probably month or so I will send you an
[51]
email you can register for it all that
[52]
good stuff I'll let you know as it comes
[54]
along but I want to create a video for
[56]
you today I'm going to make it super
[57]
simple just a few clicks and just trust
[60]
yourself be patient as always if you
[63]
really need help like setting up and
[65]
customizing your payroll before I do my
[67]
next webinar there'll be a link below
[68]
where you can create do a strategy call
[71]
and I can help you with your QuickBooks
[72]
as much as possible so let's jump right
[74]
in here we go so the first thing I'm
[76]
going to teach you to do is don't just
[78]
assume that QuickBooks is set up
[80]
properly or that if you just go in and
[82]
pay your liabilities through the pay
[84]
liabilities in the employee Center that
[86]
it's going to be right the first thing
[88]
you want to do is go under reports
[90]
employees and payroll payroll summary
[93]
that's a first report that I recommend
[95]
pulling then you're going to pull their
[97]
report based off the period of time your
[99]
pain whether you're paying every month
[101]
every couple weeks every quarter
[103]
whatever it is you're going to pull it
[104]
that way so this is a sample payroll
[106]
sample file that I created so I'm going
[109]
to do since we're in the month of March
[111]
I'm going to do for the month of
[113]
February typically when you're paying
[116]
your payroll taxes unless you're
[118]
checking your percentage that you are
[120]
getting withheld you don't have to worry
[121]
about that I typically recommend going
[123]
over here to show columns dropping this
[125]
down and clicking total only then I
[129]
recommend printing two copies one for
[131]
your federal and one for your state I'm
[133]
a paper person
[133]
so if you're not into having paper and
[136]
you want to do PDFs save PDFs whatever
[138]
you want but my recommendation is to
[140]
print it then I always use one a pink
[142]
highlighter and a yellow highlighter use
[144]
whatever colors you want I typically use
[146]
yellow for federal and pink for state so
[150]
what I do is I I'll highlight I'll take
[152]
one of the copies of highlight federal
[154]
withholding your Medicare your Social
[156]
Security and I do the Medicare and
[158]
Social Security for both sides you'll
[159]
notice there's one here and there's one
[162]
here at the company side and the
[164]
employee side I highlight those I add
[167]
them up and because I use EFTPS when I'm
[170]
adding them up I do one line I you know
[173]
we know what federal is but I add the to
[174]
Medicare's together write that down
[177]
add the two Social Security's together
[178]
write that down and then I total so that
[182]
way when I go into the EFTPS system I
[184]
already know the little requirements
[186]
it's going to ask what's the nine forty
[188]
one what period of time right we know
[189]
that so that's what I do then I'll take
[192]
the state and I highlight the state and
[194]
if you're in the state of California
[195]
which is where I live and what I teach
[197]
typically I do help people in other
[199]
states but my specialty is really in the
[201]
state of California so what I do is I
[204]
take my pink highlighter on a separate
[206]
page and I highlight them the reason I
[208]
print two copies is I recommend having
[210]
to file folders one for federal one for
[213]
state okay so that's the next step then
[216]
what I recommend you do is go in and
[218]
print one more report and that report is
[220]
going to be your payroll liability
[222]
balance you can either print it just for
[224]
the month or you can print it for the
[225]
total verify with your highlighter that
[228]
these totals also match your state so
[231]
print two of each highlight them verify
[234]
make sure because the payroll summary
[238]
comes actually from processing the
[239]
payroll report the payroll liability
[241]
actually comes from what's happened when
[244]
you've been paying your taxes so what
[245]
you may notice is this report is way off
[248]
which means you haven't been paying your
[250]
payroll liabilities properly okay so set
[254]
so that's the two steps print your
[255]
reports the next step would be going and
[258]
pay your liability so you click pay
[260]
liabilities and if you're in the state
[262]
of California typically QuickBooks
[263]
doesn't allow you to pay some of your
[266]
taxes every month
[268]
so this is a sample file don't worry
[269]
about what it says we're going to create
[271]
down here create custom payments this is
[275]
under pay liabilities tab in the pay
[277]
employees Center so create custom
[280]
payments you're going to pick last month
[282]
or whatever timeframe your pain you
[284]
click OK and you'll notice you have your
[287]
bank account that you're paying it out
[288]
of the date you paid it you want make
[290]
sure that's correct
[291]
the period of time you're paying for and
[293]
then you come along and you just check
[294]
mark these that's state of California
[296]
and then you verify that it matched your
[298]
report for $71 okay that's the first
[302]
thing you do the second thing you do is
[304]
you come along and you check your
[307]
federal withholding Medicare both sides
[310]
will automatically click and then Social
[312]
Security and you'll notice that's one
[314]
hundred eighty two you make sure that
[315]
matches what you came up with and then
[318]
you go back I recommend doing processing
[321]
at once select all your state and hit
[324]
create now the reason I do it in the
[326]
order I just did it in is because if you
[329]
go and you mark federal unemployment
[330]
that's actually nine forty nine forty
[333]
one QuickBooks will try to create one
[335]
check for all of it and that will give
[337]
you problems when you go to reconcile
[338]
later as most people don't pay their
[340]
federal unemployment every month you may
[342]
you may not you know typically I only
[345]
paid at the end of the year unless I
[346]
reach five hundred dollars before that
[347]
that's that's a whole other thing to
[349]
talk about so after I verify my amounts
[352]
I click create then I make sure that I
[357]
change my check number to EFT if I'm
[359]
using the EFTPS system for IRS or the
[361]
EDD services where it is electronically
[364]
taken out of my account you'll notice
[367]
that it says payroll liabilities where
[369]
it goes to and if you click the little
[372]
forward button you'll see the IRS saying
[374]
where it's paying it to and then I hit
[376]
save and close go in make sure the big
[379]
important part is now you make sure you
[381]
go into bftf EFTPS with IRS or EDD with
[386]
the state and you actually pay those
[388]
taxes don't assume QuickBooks did it so
[390]
one step is processing it in QuickBooks
[393]
the next step is actually paying it so I
[395]
hope this that has been beneficial don't
[397]
forget to subscribe and if you want to
[399]
check out my
[401]
hours coming up don't forget to put your
[402]
name email if you need help of
[404]
QuickBooks there's a link for that too I
[406]
hope you guys have an amazing day
[408]
don't forget to email me any questions
[410]
you have I create these videos for you
[412]
guys talk to you soon bye bye
Most Recent Videos:
You can go back to the homepage right here: Homepage