How to Pay Employees through QuickBooks 2010
QuickBooks 2010 gives you the ability to pay your employees. After you go through the steps required to set up the QuickBooks payroll processing capability, paying employees is pretty easy.
1
Choose Employees→Pay Employees→Scheduled Payroll.
QuickBooks displays the Employees Center window. To start the scheduled payroll you want to run, click the payroll in the list box and choose the Start Scheduled Payroll button.
2
In the Check Date text box, supply the date that you want to appear on payroll checks.
Identify the date on which the payroll period ends in the Pay Period Ends text box.
3
From the Bank Account drop-down list, select a bank account.
Specify the bank account on which you want to write the paychecks.
4
Make sure that the list of active employees included in the scheduled payroll is correct.
You can click listed employees to select and unselect them.
QuickBooks calculates the payroll checks and payroll deduction amounts for each of the employees selected. To accept the previewed paychecks, click the Create Paychecks button.
6
Click the Print Paychecks or Print Pay Stubs button.
After you click either button, QuickBooks displays the Select Paychecks/Pay Stubs to Print dialog box that lets you either print paychecks or pay stubs for direct deposit.
7
Click the appropriate button and follow the on-screen instructions.
You should confirm the bank account from which you want to write the checks. If you’re printing checks, you should also use the First Check Number box to supply the preprinted form number shown on the first payroll check that you’ll print. You should also confirm that the employee paychecks listed in the dialog box are those that you want to print.
8
After you confirm that the paycheck printing information is correct, click OK
The Print Checks dialog box (the same one you use to print any check) appears. You then print checks in the usual fashion.
9
In the Check Style area, select the radio button for the type of check forms on which you’re printing.
If you’re using standard or wallet-style checks, you also need to indicate the number of checks.
10
Click the Print button.
You can also print check forms in a batch by choosing File→Print Forms→Checks. QuickBooks displays the Select Checks to Print dialog box. Identify which checks you want to print, click OK, and use the Print Checks dialog box to finish printing your checks.

Accounting Glossary
accounting equation
The equation Assets = Liabilities + Equity, which demonstrates the two-sided nature of accounting and is useful for explaining the concept of double-entry accounting (or double-entry bookkeeping).

Accounting Glossary
accounting period
The time period for which financial information is being tracked in a business, such as monthly, quarterly, or annually.

Accounting Glossary
accounts receivable
An account that records the amounts that customers owe to a business.

Accounting Glossary
adjusting entry
A correction made to a bookkeeping account that adjusts for accounting errors or other necessary changes at the end of the accounting period.

Accounting Glossary
cash flows
Used to describe the source or sources of cash or how cash is used.

Accounting Glossary
Chart of Accounts
A list of all the accounts used by a business, including what types of transactions go into each account.

Accounting Glossary
debit
An accounting entry that increases an asset or expense account, and decreases a liability or income account.

Accounting Glossary
dividends
A portion of a company’s profits paid by share of common stock on a quarterly or annual basis.

Accounting Glossary
FASB
Financial Accounting Standards Board. FASB is the highest-ranking authority in the private (non-government) sector of the U.S. for making pronouncements on GAAP and for keeping accounting standards up-to-date.

Accounting Glossary
Federal Unemployment Tax
In the U.S., the fund that used to be known simply as Unemployment. Employers contribute to the fund, and states also collect taxes to fill their unemployment fund reserves. (The acronym FUTA means Federal Unemployment Tax Act.)

Accounting Glossary
fidelity bonds
A type of insurance — typically carried by employers for their employees — that helps guard against theft and reduce the risk of loss.

Accounting Glossary
FIFO
First-in, first-out. A method for costs of goods sold in which a business charges out product costs to cost of goods sold expense in the chronological order in which the goods were acquired.

Accounting Glossary
fungible
Describes a product that is interchangeable and virtually indistinguishable from another product.

Accounting Glossary
General Ledger
A summary of all of a business’s accounts and transactions.

Accounting Glossary
IASB
International Accounting Standards Board. The IASB (based in London) is the main authoritative accounting standards setter outside the U.S.

Accounting Glossary
Journals
The location in which bookkeepers keep records (in chronological order) of daily company transactions.

Accounting Glossary
LIFO
Last-in, first-out. A method for costs of goods sold that selects the last item you purchased first, and then works backward until you have the total cost for the total number of units sold during the period.

Accounting Glossary
LLP
Limited liability partnership. A legal structure that state laws offer to qualified professionals in which all the partners have limited liability.

Accounting Glossary
PC
Professional corporation. A legal structure that state laws offer to qualified professionals who otherwise would have to operate as an unlimited partnership liability.

Accounting Glossary
petty cash
A cash account that businesses keep on hand for unexpected expenses.

Accounting Glossary
revenue
Monies that are collected in the process of selling a company’s goods and services.

Accounting Glossary
salvage value
The amount that an asset is worth after it has been fully depreciated.

Accounting Glossary
statement of cash flows
A financial statement that summarizes a business’s cash inflows and outflows during an accounting period.

Accounting Glossary
transactions
Economic exchanges between a business or other entity and the parties with which the entity interacts and makes deals.

Accounting Glossary
worker’s compensation insurance
A type of insurance carried by employers that covers its employees in case they are injured on the job.