QuickBooks is the most-notable Accounting and Cash flow management software which is used by millions of small and mid-sized businesses. There are many reasons for switching from your current accounting software or old strategies to QuickBooks like QuickBooks Payroll Negative Paycheck. In this article, we will cover each aspect of this feature and show you how you can use for your benefit. Connect with the QuickBooks ProAdvisors of getsupportphonenumber via our QuickBooks Support Phone Number +1-866-656-1012 to get instant QuickBooks Support Services.
How To Create A Negative Paycheck In QuickBooks Online Payroll?
You can follow these steps for creating a negative paycheck in your QuickBooks Online. In case, you need help with the steps, contact the QuickBooks ProAdvisors.
Step 1: Place A Complete Paycheck Into A Superannuation Plan, Such As A 401k
- Open your QuickBooks and head to your Employee’s profile.
- Now, you must add an Additional Earning pay category to your Employee’s profile.
- It will restrict tax insinuation for your employee and also any changes in the reports because of the number of hours that your employees put in.
- You can name this Taxable offset.
- Now, we will configure the 401k Retirement plan deductions for your employees.
- We will be using the Net to the gross formula for calculating the gross pay sum total accurately.
- Go to the Edit tab.
- For each individual employee, open a paycheck.
- Open the taxable offset tab and enter 1.
- Choose Create Paycheck option.
- Go to the Approve Paychecks window and click on the View/Edit button.
- First of all, set all federal and state income taxes to negative.
- Open the Taxable offset tab and enter the amount which we calculated from the net to gross formula.
- Make sure that the amount recorded in 401k matches with the net pay sum total.
- If there is any disparity between both the amounts, make the necessary changes.
- Head to the subtraction field to make changes in the 401k.
- Click on Save and Submit.
Step 2: Entitle An Entire Paycheck From Income Tax
Some Employees decide to send their pay in their withholdings. You can create a negative paycheck for them.
Steps For Intuit Online Payroll Users:
- Open the Intuit Online Payroll and head to the said employee’s profile.
- We will be adding another Earning Pay category for the employee.
- Open the Edit tab and create a paycheck for the employee.
- Open Other Earning window.
- Take the Net to Gross formula and estimate the gross sum.
- Search for any unrelated deductions and get rid of them.
- Make sure that net pay sum total matches to the sum recorded in the 401K.
- Now, open the federal income tax window.
- Enter the income tax sum and click on Save.
Tech Support For Negative Paycheck Issues In QuickBooks Payroll
If you are encountering any issues while creating Negative Paychecks in your QuickBooks Payroll, get in touch with the QuickBooks Experts of getsupportphonenumber. Call us on the 24×7 live QuickBooks Payroll Support Phone Number +1-866-656-1012 to get access to unlimited premium QuickBooks Payroll Tech Support Services. We can help you in increasing your business productivity and efficiency.