I followed all pathing. Why doesn't the health premium expense show on the report. It is a zero. I changed the company contribution portion to COVID-19 health premium and nothing shows. I appreciate your videos. I was shocked that QB did not alert us about this in a reminder on screen.
This is a work in progress - Intuit has more to do behind the scenes to get this right - stay tuned and as soon as I have more to share, there will be a Part 3 - be sure to update your payroll to the latest release.
Thanks, I do not believe QuickBooks has this correct yet. What about the Employer portion of SS tax that is supposed to be exempt from the paid leave wages? Currently, fully taxable under the pay items QuickBooks has provided. Tried to manually adjust, however it is either EE/ER are taxable or neither.
yes Bryan - you can very carefully make changes in the previous paychecks as long as you do not change anything about the check to the employee and only adjust the employer details. please note that this video is an earlier version of the comprehensive video
Diane Madden I would do it as you pay the taxes so that you can keep the money. Please check out the video that I did on April 21 because that’s the most comprehensive
Hi Rhonda, How do I book FFCRA credits when the payroll is done through payroll companies ? Also, what the entry would be for credits greater than tax liability.
Hi Naya - that's a good question - when using an outside payroll company, you have to enter the payroll manually to your QuickBooks and therefore the credits would need to be entered manually as well. This would really depend on how the payroll company is handling them, most likely they are already reducing the amount paid to the IRS for payroll taxes so it would already be reflected in your reports.
Great video! Can you do a video on how to run payroll to pay employees under FFCRA? Do we enter hours under "Hourly" and then note the gross amount under one of the benefit types, e.g., COVID-19 Employee?
How to run a payroll is far beyond the scope of a RUclips video and will vary greatly by entity. We try to stick to the basics and to topics that can be covered in under 10 minutes, preferable five. There are many reputable payroll services that could assist you with running a payroll. Thanks for watching,
Appreciate your help, but when I did COVID-19 Child Care and applied credit for payroll liabilities in which credit is lower than SS and medicare, I ended up have COVID-19 Expenses acct as Debit balance and COVID-19 Payroll Liability acct the credit balance same amount, Do we have to offset each other? something is not cooking here.
Please watch the video dated 4/21/2020 with updates and corrections to the guidance issued by Intuit - you are correct, the original guidance led us down the wrong path and I've since put this through the wringer - thanks for the feedback.
Also, any ideas on how to record a payroll liability when the credits exceed total tax liability? QuickBooks will not allow a negative/zero check. QB Instructions do not address this issue.
Excellent video! Thank you. How can we do a regular payroll when there are zero hours worked due Covid-19? We are paying all our employees while the business is closed but there is not way to put zero hours and have them paid. Can we do it as an ADDITION instead of EARNINGS in payroll? Please help us.
You could set up a regular payroll earnings item for COVID-19 payroll and map it to a COVID-19 payroll expense account. That is different than what I’m talking about here which is the requirements of the families first act (FFCRA)
I followed all pathing. Why doesn't the health premium expense show on the report. It is a zero. I changed the company contribution portion to COVID-19 health premium and nothing shows. I appreciate your videos. I was shocked that QB did not alert us about this in a reminder on screen.
This is a work in progress - Intuit has more to do behind the scenes to get this right - stay tuned and as soon as I have more to share, there will be a Part 3 - be sure to update your payroll to the latest release.
Thanks, I do not believe QuickBooks has this correct yet. What about the Employer portion of SS tax that is supposed to be exempt from the paid leave wages? Currently, fully taxable under the pay items QuickBooks has provided. Tried to manually adjust, however it is either EE/ER are taxable or neither.
The employer portion of the SS tax is not exempt under FFCRA.
What if we already paid the employee before this options were available on QB can we make the adjustments in their previous pay checks??
yes Bryan - you can very carefully make changes in the previous paychecks as long as you do not change anything about the check to the employee and only adjust the employer details. please note that this video is an earlier version of the comprehensive video
Thanks for the Video! I have one question, do we have to take the credits from our taxes as we do payroll or can we do it quarterly?
Diane Madden I would do it as you pay the taxes so that you can keep the money. Please check out the video that I did on April 21 because that’s the most comprehensive
Hi Rhonda, How do I book FFCRA credits when the payroll is done through payroll companies ? Also, what the entry would be for credits greater than tax liability.
Hi Naya - that's a good question - when using an outside payroll company, you have to enter the payroll manually to your QuickBooks and therefore the credits would need to be entered manually as well. This would really depend on how the payroll company is handling them, most likely they are already reducing the amount paid to the IRS for payroll taxes so it would already be reflected in your reports.
Great video! Can you do a video on how to run payroll to pay employees under FFCRA? Do we enter hours under "Hourly" and then note the gross amount under one of the benefit types, e.g., COVID-19 Employee?
How to run a payroll is far beyond the scope of a RUclips video and will vary greatly by entity.
We try to stick to the basics and to topics that can be covered in under 10 minutes, preferable five. There are many reputable payroll services that could assist you with running a payroll. Thanks for watching,
Hi, How did you make the COVID-19 Liabilities account? I did not see that from your previous video. Thanks!
Add a new account to the chart of accounts that is an Other Current Liability - see much earlier video on chart of accounts.
Appreciate your help, but when I did COVID-19 Child Care and applied credit for payroll liabilities in which credit is lower than SS and medicare, I ended up have COVID-19 Expenses acct as Debit balance and COVID-19 Payroll Liability acct the credit balance same amount, Do we have to offset each other? something is not cooking here.
Please watch the video dated 4/21/2020 with updates and corrections to the guidance issued by Intuit - you are correct, the original guidance led us down the wrong path and I've since put this through the wringer - thanks for the feedback.
Also, any ideas on how to record a payroll liability when the credits exceed total tax liability? QuickBooks will not allow a negative/zero check. QB Instructions do not address this issue.
you have to apply to the IRS to receive a refund of the credits in excess of payroll taxes collected on Form 7200
Excellent video! Thank you. How can we do a regular payroll when there are zero hours worked due Covid-19? We are paying all our employees while the business is closed but there is not way to put zero hours and have them paid. Can we do it as an ADDITION instead of EARNINGS in payroll? Please help us.
You could set up a regular payroll earnings item for COVID-19 payroll and map it to a COVID-19 payroll expense account. That is different than what I’m talking about here which is the requirements of the families first act (FFCRA)