Most people shy away from payroll and outsource it.
In my opinion, this is costly and for some companies this is acceptable. However, in today’s economy where the accountant or bookkeeper can save the company money is in payroll.
Intuit has a few levels of payroll service. I have been subscribing to the enhanced payroll service with no issues whatsoever.
The most difficult area of payroll is setting it up: The Federal portion has a few accounts and are the easiest to set up. However, depending on which State of the Union you happen to be that is the most problematic, but not insurmontable.
I have two states that, in my opinion, are the worst. New York and New Jersey.
If you are interested in setting up payroll in Quickbooks; you need to response to my blog.
When one receives a payment for a service, product, etc. there is no need to create an invoice.
Instead create a Sales Receipt.
In the Home page click “Create Sales Receipt.”
From top menu Customers –> Enter Sales Receipts.
Drop down customer or create customer from “Add New.”
Choose the item or service, include check number (if paid by check) and payment method.
If this is paid by cash, be sure the “Deposit to” is available to change the deposit for Cash on Hand.
If it is paid via paypal then Paypal bank account needs to be set up. Later funds can be transferred from the Paypal Account to the Bank Checking Account.
PayPal Fees: Add an Item for Paypal fees to apply to an expense account and not to an income account.
In the Qty colum put a negative before the number of fees. A warning will pop reminding that the transaction is associated with an expense account: In this case that is precisely what one wants; ignore warning. Click OK.