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Payroll is a system of payment, employee withholdings, as
well as employer contributions. Your responsibilities as a
business owner increase significantly when you maintain your
company's payroll. One way, in which to make sense out the
payroll, is by using computer accounting software. While
Quicken payroll is not as simple to use as a dedicated
payroll package. Quicken can be used to keep track of
amounts withheld and your business's contributions simply by
establishing a series of payroll liabilities accounts.
Memorized transactions will automatically create the last
paychecks for every employee at the end of each pay period.
Quickens Payroll tools will assist you with numerous tasks,
including calculating payroll tax liabilities, printing
reports, which will assist in completing monthly or
quarterly payroll tax returns, as well as storing payroll
information for faster processing the next pay period.
Quicken will also generate reports, which will help you
complete payment deposit forms.
In order to get the most out of Quickens payroll features,
you must set up a series of expense categories and liability
accounts. Quickens expense categories will track all tax
deductible business contributions as well as withholdings
deducted from employee's gross pay, by accruing those in the
liability accounts. This will create balance sheets and
profit-and-loss reports that will always represent an
accurate picture.
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