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Monthly Archives: December 2011

How to Enter Cash Bonuses in QuickBooks Payroll

Ruth, how are cash bonuses to salaried employees entered in QuickBooks? We use QuickBooks assisted payroll and any cash bonus would need to show up on the employee’s W-2 form as well. Thanks.

You can create a payroll item for bonuses in Lists > Payroll Item List.

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This article is provided for informational purposes and is not intended to be construed as legal, accounting, or other professional advice. For further information, please consult appropriate professional advice from your attorney and certified public accountant.

Ruth Perryman - QuickBooks Specialist Written by +Ruth Perryman

Ruth is the an Intuit Premier Reseller that offers great deals on QuickBooks POS and QuickBooks Enterprise. She has provided expert QuickBooks help to thousands of businesses all over the world since 1996.

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News Flash – Payroll Update: Revised Tax Tables

 

Intuit QuickBooks Payroll 
Payroll Update: Revised Tax Tables and
Year-End Information

Intuit has released Payroll Update 21201, which includes revised tax tables. Several forms updates are also included for Standard and Enhanced Payroll subscribers. To see the complete contents of this update, click here. Important year-end information is also included in this email.

How do I get the Payroll Update?
It’s important that you receive everything in the Payroll Update to make sure that you are in compliance with legislation that affects your payroll. Just follow these three simple steps:

  1. Check to see if you have Automatic Updates turned on.
    Choose Help > Update QuickBooks.
    – On the Options tab, you will see either Yes or No selected for Automatic Update.
  2. If Yes is selected, you should receive all Payroll Updates automatically when they are released the next time you are connected to the internet.

    You can verify that you received Payroll Update 21201 from within QuickBooks. Go to Employees > Get Payroll Updates. You should see a message that says, “You are using tax table version 21201.”

  3. If No is selected for Automatic Update, you need to download the update manually. Click here for instructions.

Disk delivery customers: The next disk delivery is scheduled for early January 2012 and will include these updates. If you have an internet connection and would like to download the update now, simply follow these instructions.

 

Also in this email:
Federal Payroll-Related Changes
New Tracking Option: Employer-Sponsored Health Coverage Cost
Changes to IRS Reporting Requirements for 1099-MISC
New E-File Capability for Accountants
Intuit QuickBooks Payroll Year End Center
Holiday Impact on Payroll Processing

Federal Payroll-Related Changes
There are several federal payroll-related items that may affect you as an employer.

For tax year 2011, there are changes to the Federal Unemployment Tax (FUTA) – FUTA Credit Reduction, Form 940 and Schedule A (Form 940) and changes in the Form W-2 and W-3.

For tax year 2012, there are updates to the Social Security rates and wage base, new federal withholding tables, and new reporting requirements for employer-provided health care coverage.

For details on each topic and to see how Intuit QuickBooks is supporting these changes, click here.

In addition, please be aware that the IRS will not accept Forms 940, 941, and 944 via E-File until January 4, 2012, due to year-end preparation for 2011 filings. Enrollments will also not be available via E-File until that date.

New Tracking Option: Employer-Sponsored Health Coverage Cost
Payroll Update 21201 includes a new tax tracking type option. The Health Coverage Cost option will allow you to set up and track the reportable cost per employee for reporting on Form W-2, box 12 code DD, beginning with tax year 2012.

In April 2011, the IRS published Notice 2011-28, providing interim guidance on informational reporting to employees of the cost of their employer-sponsored group health plan coverage. The guidance provides relief for small employers in calendar year 2012.

Employers who file 250 or more Forms W-2 for the 2011 calendar year will be subject to the reporting requirement for Forms W-2 for the 2012 calendar year.

What do I need to do next?
Click here for additional information on how Intuit QuickBooks Payroll will support this reporting requirement for tax year 2012. In addition, the Intuit Payroll team has created a step-by-step guide to help you. Click here for the Health Coverage Reporting User Guide for QuickBooks.

For more information about employer-provided health coverage informational reporting requirements, visit the IRS website.

Changes to IRS Reporting Requirements for 1099-MISC
The IRS has issued new reporting requirements for tax year 2011 Form 1099-MISC. These requirements will exclude some forms of payments from the Form 1099-MISC that will instead be reported on the new third-party Form 1099-K.

For more information on the new regulations, click here.

New E-File Capability for Accountants
A new capability in Intuit QuickBooks Enhanced Payroll for Accountants will enable you to file electronically with the IRS for your clients as a reporting agent. This will simplify e-filing by removing the need to obtain separate credentials for each employer. Click here for more information.

Intuit QuickBooks Payroll Year End Center
Prepare for the upcoming tax season by visiting the Intuit QuickBooks Payroll Year End Center. You’ll find the resources you need to help you plan, including a year-end checklist, agency news and guidelines, and a How Do I section with answers to your common end-of-year questions.

Holiday Impact on Payroll Processing
Be sure to plan ahead for upcoming holidays as you schedule your payroll activities. Click here for more information.


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This article is provided for informational purposes and is not intended to be construed as legal, accounting, or other professional advice. For further information, please consult appropriate professional advice from your attorney and certified public accountant.

Ruth Perryman - QuickBooks Specialist Written by +Ruth Perryman

Ruth is the an Intuit Premier Reseller that offers great deals on QuickBooks POS and QuickBooks Enterprise. She has provided expert QuickBooks help to thousands of businesses all over the world since 1996.

Visit our webstore for great deals on QuickBooks and QuickBooks POS!

Do you need to Upgrade QuickBooks 2009 and QuickBooks Point of Sale 8.0?

I have QuickBooks POS v8.0 and QuickBooks financial Pro 2009. Do I need to upgrade to QuickBooks Financial 2012 to keep payroll supported next year? If so, will QuickBooks POS 8.0 still communicate with QuickBooks 2012 or am I going to have to upgrade QuickBooks POS too?

Yes, if you want to continue using payroll you will need to upgrade from QuickBooks Pro 2009 when Intuit sunsets it next year (probably in May 2012).

QuickBooks Point of Sale 8.0 will also be sunsetted, but it’ll continue to work with QuickBooks 2012 so you don’t really need to upgrade until you run into trouble with it.


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This article is provided for informational purposes and is not intended to be construed as legal, accounting, or other professional advice. For further information, please consult appropriate professional advice from your attorney and certified public accountant.

Ruth Perryman - QuickBooks Specialist Written by +Ruth Perryman

Ruth is the an Intuit Premier Reseller that offers great deals on QuickBooks POS and QuickBooks Enterprise. She has provided expert QuickBooks help to thousands of businesses all over the world since 1996.

Visit our webstore for great deals on QuickBooks and QuickBooks POS!

How to Enter Quantity and Cost when Setting up Inventory in QuickBooks

Ruth. I would like to begin putting inventory into QuickBooks Enterprise, however I am not sure on how to handle qty and pricing. Is this something that I can go back into after the fact and put this in? Are there any “land mines” that I should be on the lookout for?

You can only add on-hand quantity and average cost when you create the inventory item. However, you can adjust them at any time by going to Inventory > Adjust Quantity/Value on Hand.

But after you’re all setup, you’ll want to enter the inventory you receive on the Item tab of the bill or check and only adjust inventory when you do an inventory count.


Get free QuickBooks support and training!
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This article is provided for informational purposes and is not intended to be construed as legal, accounting, or other professional advice. For further information, please consult appropriate professional advice from your attorney and certified public accountant.

Ruth Perryman - QuickBooks Specialist Written by +Ruth Perryman

Ruth is the an Intuit Premier Reseller that offers great deals on QuickBooks POS and QuickBooks Enterprise. She has provided expert QuickBooks help to thousands of businesses all over the world since 1996.

Visit our webstore for great deals on QuickBooks and QuickBooks POS!