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Company Gear Company Settings Employees Payroll

#QuickBooks #QBO – How to assign employees to classes

First, you need a PLUS plan to have class tracking features.

To turn on the class tracking:

From the home page screen

  • At the right upper corner, click the company gear icon.
  • Select Company Settings under Settings.
  • Under Company, click anywhere on Categories.
  • Select Track classes.
  • Select Warn me when a transaction isn’t assigned a class.
  • Under Assign Classes, select One to each row in transaction.
  • Click Save and then Done.

Now, class tracking is ON for the company file.

To setup new classes:

From the home page screen

  • At the right upper corner, click the company gear icon.
  • Select All Lists, under Lists.
  • Select classes under Lists.
  • Select New button (upper right corner).
  • Name Class.
  • Select sub-class (optional).
  • Click Save.

To set up the class tracking for employees:
From the home page screen

  • At the right upper corner, click the company gear icon.
  • Select Payroll Settings under Settings. Note: If you do not see Payroll Settings under Settings, that mean Payroll is ON yet. From the left navigation bar > select Employees > select Turn on Payroll (blue button, far right corner).
  • Under Preferences, click Accounting.
  • Click Customize button.
  • Under Classes, select I use different classes for different employees.
  • Click OK.
  • Assign classes for employees including inactive employees if needed.
  • Click OK.
  • Under Want to update existing transactions, too?, enter the nearest date of the transactions. Note: normally you would want to select current fiscal year starting date (for example if starting Jan 1, 2015).
  • Click OK.

When you run Profit and Loss by Class report next time, you should see payroll costs distributed by class.
To run Profit and Loss by Class:
From the home page screen > left navigation bar > reports > go to report and type profit and loss by class.

Watch Tutorial Video on YouTube:

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Categories
Employees Payroll

Can I put myself on payroll as an employee?

Answer entirely depends on on the legal entity type for your business. If you are filing tax return as a sole proprietor, the answer is definitely no since you are not as employee. If the business is a corporation type, then you are an employee and you must be paid reasonable compensation and can be on payroll. Best advice is to consult with your accountant or tax professional based on your specific business situation.


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