business salary management

rachel2

I use Quicken to manage my small business. I need to manage salaries for employees. How can I set this up in Quicken?

NotACPA

While you can post employee salaries in Q,  Q itself doesn't manage such in any way.  You'd need a different app (or manual) to calculate salaries, withholdings, taxes, etc that you can than manually post into Q.

Frankx

Hi @rachel2,

Can you give us some more details about what you are trying to do in Quicken with respect to the payroll function for your employees? 

As noted above by NotACPA, Quicken does not calculate tax withholdings and other related deductions from an employee's salary, but if you are using a payroll service, or if you calculate these deductions manually, you can use Quicken to record that data.

Frankx

rachel2

I want to manage salary details (gross, income tax, social security,etc. and EFTPS submission) in Quicken and not in a separate Excel.

Frankx

Hi again @rachel2,

If by saying "I want to manage salary details" you also mean "I do not need Quicken to make the calculations that would compute/create those salary details" - then Quicken can handle what you are seeking to do.

Let me know if you have any followups.

Frankx

rachel2

Just the opposite, Frank. I want to use Quicken to computer/create/etc. all of the salary details. I do NOT want to do it in a separate Excel spreadsheet like I do now.

volvogirl

Sorry Quicken does not handle payroll.  You can record the totals in Quicken for your business expenses.  You would need something like QuickBooks or an outside service.

 

Info on Intuit Payroll programs…..

http://payroll.intuit.com

volvogirl

I found this info....

Quicken can give you payroll reports.  See

https://www.quicken.com/support/how-create-business-reports 

It says…..

This report summarizes income and expenses by category, with a separate column for each payee. It is limited to transactions with category or transfer information containing the word Payroll-that is, to transactions categorized with payroll categories and transfers to payroll liability accounts.

The TRANSFERS TO rows show decreases in your accrued payroll liabilities. For example, each time you record a FICA payment in your checking account, Quicken transfers the amount to the Payroll-FICA account, where it decreases the balance you owe.

The TRANSFERS FROM rows show increases in your accrued payroll liabilities. For example, each time you record a paycheck , Quicken transfers the FICA contribution amount from your checking account to the Payroll-FICA account, where it increases the balance you owe. In the same way, the report can track your liability for items like FUTA, SUI, and federal withholding.

Frankx

Hi again @rachel2,

Sorry, no version of Quicken, including but not limited to Home, Business and Rental Property will provide those calculations. 

As you probably know, payroll calculations can be somewhat difficult to calculate, keep up with, and assure you are completely complying with, especially when you factor in state and local taxes.  I would suggest that you look for another provider. You might want to look ay Paychex, which seems to target smaller employers.

Frankx