How to Set up Payroll in QuickBooks (UK)

Introduction:

Payroll is a crucial part of running a business and, if handled properly, may result in significant cost savings. QuickBooks is one of the most popular accounting software alternatives for small businesses in the UK, and it offers a built-in payroll system that may help you handle your staff salaries and taxes.

Gather All Information required

Before you can begin setting up payroll in QuickBooks, you'll need to collect the necessary information, such as:

a) Bank account information for your business,

b) Employee information (name, address, social security number, and salary info.),

c) Employee's tax code, and

d) Any deductions that must be made.

Steps for Setting Up Payroll in QuickBooks

Step 1: Login to QuickBooks and select the Employee tab

Step 2: Enter Company Information

This includes the Legal name, Address and contact details of company.

Step 3: Add Employees

It's time to Add your Company Employees. Click on add your employee and enter the employee's information such as name, address, DOB, start date, employee pay, etc.

Step 4: Enter Tax Information and National Information (NI)

Enter the employee's Tax Code, NI number, Tax calculation method, etc.

Step 5: Review & Run Payroll

Once an employee is added successfully, it's time to review and run payroll as given below:

Step 6: Pay Employees and Submit RTI to HMRC

The last thing you need to do is pay your employees. QuickBooks makes it easy to do this by letting you pay them right from the programme. Depending on what you want, you can set up direct deposit or print checks.

Real Time Information (RTI) is something that all businesses in the UK have to have. When you pay your employees, you'll need to send RTI to HMRC. This is easy to do with QuickBooks UK because you can send RTI right from the software. Just click the "Submit RTI" button, and QuickBooks will take care of everything else. We will cover the steps of it in another blog.

Conclusion:

It's easy to set up payroll with QuickBooks UK, which can end up saving you a lot of time and effort. If you follow these Six steps, you'll have a much easier job keeping track of payroll and ensuring that everyone is paid on time.

Punchhole takes care of everything...

Being a business owner doing payroll on your own along with managing your business can be a tedious job. But you need not worry, Punchhole takes care of your entire Payroll management, from Payee compliance to Salary Disbursement.

Talk to Us