Small businesses give more preference to QuickBooks as it fulfils their accounting needs quite professionally and efficiently. The best part that makes it versatile is its capability to help users to visualize their future goals by providing so many accounting benefits. Yes! You will feel organized & relaxed too if you’ve made quickbooks your accounting partner. Paying employees timely and maintaining their data for future records is a really very complex task, that is performed very efficiently through QuickBooks payroll.
Here, in this blog we are discussing the steps for creating both qualified & non-qualified expense payroll item for employee reimbursement. Otherwise, Quickbooks Payroll Support is always a viable option to get acquainted with all pros, cons, do’s, don’ts and whole sort of information related to item creation in QB payroll 2018.
Payroll Support On How To Create Qualified Moving Expense Payroll Item For Employee Reimbursement?
Entering amount utilizing this payroll item increase net of check, however there will be no effect on taxable wages.
For new payroll item creation-
Step1 Navigate to lists menu & click “payroll item list”.
Step2 Then click option, “new” after clicking button “payroll item”.
Step 3 Choose “custom set up”-> “next”.
Step 4 Select “addition” click “next”.
Step 5 Enter addition payroll item name like qualified moving expense and click “next”.
Step 6 Go to the drop down menu, click “next” and choose “qualified moving expense” as “tax tracking type”.
Step 7 As per the selected tracking type of taxes, taxes should be set up automatically.
Step 8 On window “calculate based on quantity” click “next” ->“neither” .
Step 9 Fil information & click “next”, if screens for “gross vs. net” & “default rate and limit” are appeared.
Step 10 After that click “finish”.
Creating Non-qualified Moving Expense Payroll Item For Employee Reimbursement
Amount entered with this payroll increases taxable wages on paycheck.
- For this, follow four steps mentioned in previous condition for choosing expense account.
- Then enter name of addition payroll item, “non-qualified moving expense” click “next”.
- Choose other moving expense as tax Tracking type & click “next”.
- After that follow remaining steps( from step 6 to 10)
Creating Moving Expense Payroll Item If Money Has Already Been Received By Employee
Addition of this kind of payroll item does not increase net pay, however adds payroll item value to be taxed.
In this case, similar steps will be followed as done in case of creating qualified and non-qualified moving expenses. But, here you need to select “liability & expense” account, in spite of expense account.
POINTS TO REMEMBER
Contribution payroll items used while creation of paychecks show positive balances in payroll liability balance report. In case moving expenses amount is already paid by you & you want to put all owed balances to zero, then you should make company level liability adjustment.
Hope, you now can successfully create payroll item for moving expenses. If you have any confusion either related to payroll liability adjustment or payroll item creation, rely on our Intuit certified QuickBooks Payroll Customer Service executives to enhance your knowledge on creation of qualified and non-qualified moving expense payroll item. You can contact them via phone call & put your concerns-They will fix your issues and help you to keep organized with your payroll with updated information.