QuickBooks is a multi-featured software that enables easy functioning of the accounting and business activities. Moreover, every QuickBooks version is distinctly designed for a ‘particular category or industry.’ QuickBooks Payroll is an integral part of QuickBooks product line that helps in assisting in important financial calculations related to businesses and employees.
QuickBooks Payroll helps in tax preparations, IRS penalties, and the lawsuits. However, there are certain scenarios in which QB Payroll users might face difficulty. Therefore, it is important to fix these errors on time to efficiently keep utilizing the Payroll functions. Additionally, QuickBooks support plays an important role in correcting some commonest of payrolls errors. Some of these errors/mistakes are:
Common Payroll Mistakes that QuickBooks support can easily resolve:
- Employees classified incorrectly– The owner/employer has to pay for the social security & the medical payroll expenses. If employees got their payments, but the contractors did not. It will create a misclassification of the contract worker. In such a scenario the employer might have to pay back taxes along with the penalties.
- Side-lining Bonuses & Gifts– the bonuses and the gift cards given to the employees are not tax-free. A minimum value/value/number of prizes, awards & gifts has to be added by the employer along with the employees’ wages (annual w2)
- Forgetting or Ignoring Adornments– The employer will consider and acknowledge the wage adornments or child support notice if there be any. It means that the employer has to keep a certain amount from the ‘paycheck of employees’.
- No contractor information gathered– Whether you are a small or big business entity; in either of the cases, you have to make and send across ‘1099-MISC annual form’ to every independent contractor with a salary of 600$ and above.
- Insufficient data security– Security standards vary from company to company. However, it is necessary to keeps the confidentiality of the financial record. Similarly, if you opt for third-party agencies, then ensure that you protect your login info.
What are the Symptoms of Payroll Errors
- The tax expense accounts & the payroll liabilities are more than ‘planned.’
- The bank account balance seems to match properly.
- There is ‘No balance due’ and ‘no receipt of delinquent notice’ in the payroll tax returns.
How to Fix these Errors?
- Recognize the incorrectly paid payroll liabilities
- Fix all payroll liability payment errors.
- Delete the ‘Past due liabilities.
- Recognize the ‘Non-payroll’ transactions
- Generate the ‘Payroll liability checks’ exactly and directly in the ‘Check register.’
QuickBooks Payroll is an essential tool to tackle all payroll functions. Hopefully, you got to know the common payroll mistakes and how these can be solved. For expert help – dial QuickBooks Payroll help phone number 1-888-412-7852.
Also Read: How to Fix QuickBooks Unrecoverable Error