QuickBooks Payroll Report: 4 Critical Aspects

on Accounting Software, Data Driven Strategies, QuickBooks • July 12th, 2021 • Write for Hevo

Quickbooks Payroll Report

QuickBooks was developed by Intuit as an Accounting software package. QuickBooks products are primarily geared toward small and medium-sized businesses. These products also offer On-Premise Accounting applications along with Cloud-based versions that can accept business payments, pay and manage bills, and ensure smooth payroll functions. Payroll Reports refer to documents used by employers to notify government agencies about employment tax liabilities and payroll.

This blog talks about QuickBooks Payroll Report in detail. It starts with an introduction to QuickBooks and Payroll Reports before diving into the steps you can follow to set up a QuickBooks Payroll Report.     

Table of Contents

Introduction to QuickBooks

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QuickBooks Accounting software allows you to organize your accounting data on the Cloud while tracking sales, creating, generating and transferring invoices. It also lets you know how your business is faring at any time. QuickBooks is easy to use and you don’t need to be a Finance or Accounting expert to learn the ropes of QuickBooks.

Here are a few useful features of QuickBooks:

  • QuickBooks allows you to get a real-time view of your cash flow. You can connect your bank account to automatically categorize and import transactions. You can also seamlessly integrate and sync with popular apps to easily snap photos of your receipts. You can store these receipts with QuickBooks Mobile.
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  • With QuickBooks Accounting Software, you get powerful invoicing features such as Payment Reminders and Invoice Tracking at your fingertips. You can also access dozens of reports to help you manage your expenses. You can also use the mobile app to manage your business on the go.  
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  • QuickBooks Accounting software also allows you to enter bills from vendors, and pay them only when they are due. Recurring payments can also be scheduled to save time. QuickBooks Accounting Software further houses free unlimited support to provide answers and useful information on running your business.  

Introduction to Payroll Reports

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Payroll Reports help you report your business’s liabilities depending on the type of tax. You can use QuickBooks Payroll Reports to report taxes that you contribute as an employer and the Payroll taxes withheld from employee wages. Your Payroll Reports can help lenders and government agencies analyze your business’s Payroll costs. This can be helpful when applying for a business loan.

You can leverage Payroll software to make filling Payroll Reports relatively easy. With many Payroll providers, you can access certain forms directly in your software, fill them out, and submit the forms to proper agencies. Depending on your Payroll provider, you can also opt for a full-service Payroll software option that files your Payroll Reports.

In the next section, you will get a brief understanding of one such Payroll Accounting Software, the QuickBooks Payroll Software.     

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Understanding QuickBooks Payroll Report Setup

Several QuickBooks Payroll Reports can be used to view useful information about your employees and business. The different kinds of Payroll Reports are as follows:

  • Employee Directory: You can use this report to verify employees’ work, pay, and tax info among other things.
  • Employee Details: These reports contain employee data such as payment info, employment data, Payroll details, and more.
  • Paycheck List: This report depicts a list of your paychecks created. In the Paycheck List Report, you can enter or modify print pay stubs, check numbers, and more.
  • Multiple Worksites: The Multiple Worksites Report depicts the total wages/quarter for the selected quarter. It also shows the number of employees by month.
  • Payroll Billing Summary: This report shows all the charges billed to your online payroll account.
  • Payroll Details: This gives you detailed information about your employee’s payroll. 
  • Payroll Contribution/Deductions: This report talks about the employees’ total deductions and company contributions, as well as the planned total.
  • Payroll Summary by Employee: This is a comprehensive report of deductions, wages, and tax info, totaled by period or by the employee. 
  • Payroll Summary: This report shows your employee’s deductions, contributions, total wages, and taxes.
  • Payroll Tax Liability: This report talks about the federal and state taxes withheld, owed, and paid for the selected time range.
  • Payroll Tax and Wage Summary: This report talks about the excess, subject, and taxable wages by tax type. 
  • Payroll Tax Payments: This report depicts your tax payments made electronically or tax payments recorded manually in your online payroll account.
  • Edited/Recent Time Activities: This payroll report refers to any recently edited or entered activities.  
  • Retirement Plans: This accounts for the company and employee contributions to your retirement plans.
  • Time Activities by Employee Detail: This report talks about the services (time activities) and products provided by every employee, including duration and hourly rate.  
  • Total Payroll Cost: This refers to all the costs associated with paying your employees, including net pay, total pay, deductions, and taxes.
  • Total Pay: This refers to the total pay of an employee by pay type.
  • Vacation and Sick Leave: The Vacation and Sick Leave Report is a detailed report of employees’ time off usage information and accrual, including the current balance of their time off and the hours used.
  • Worker’s Compensation: This report talks about the wages paid for each Worker Comp class. You can calculate private or state workers’ compensation premiums with this information.

In this section, you will get a better glimpse of a QuickBook Payroll Report Summary.

A QuickBooks Payroll Report contains the following components:

  • Net Pay: This is the amount an employee receives after deductions and taxes are taken out. This is the number sent through direct deposit or written on the check.
  • Gross Pay: This refers to the amount an employee receives before any deductions or taxes.
  • Adjusted Gross Pay: This refers to the amount an employee receives minus any pretax deductions, like an employee contribution to a 401(k) plan.
  • Employer Taxes and Contributions: This part of the report depicts the amount accrued during the period covered by the report. This is irrespective of whether your company paid them or not.

Here are the steps you can use to create a Payroll Summary Report in QuickBooks:

QuickBooks Payroll Report: Intuit Online Payroll

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  • First, you need to go to the Reports Tab and click on Payroll Summary.
  • Next, select a date range from the drop-down.
  • Select a single employee or a bunch of employees and click on Run Report to run the Intuit Online Payroll Report.

QuickBooks Payroll Report: QuickBooks Online Payroll

Quickbooks payroll report - QuickBooks Online Payroll
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  • First, go to the Reports Menu, then find the Payroll Section, and then Payroll Summary.
  • Next, set a date range from the drop-down.
  • Select one employee or you could also select a group of employees.
  • Finally, select Run Report to run the QuickBooks Online Payroll Report.

QuickBooks Payroll Report: QuickBooks Desktop

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  • First, select Reports then Employees and Payroll.
  • Next, select Payroll Summary and adjust the date range accordingly.

Conclusion

This blog talks about the different aspects of QuickBooks Payroll Reports in detail, from its use to the steps you can follow to set up a QuickBook Payroll Report with ease.

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