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I was pleasantly surprised by how easy it is today to use Quickbooks for real estate. I learned this after I easily set up Payroll in Quickbooks. Simply set up your business, verify the principal’s identity, set up employees, and add your Workers Comp Plan.
A reminder to real estate agents that commissioned agents are paid through the broker only. Quickbooks is great for your hourly and salary employees as well as paying yourself if that is what your financial advisor has advised.
Quickbooks For Real Estate – Payroll
Quickbooks allows you to set up auto payroll which creates an automatic payroll on your behalf with the ability to make edits or additions before it runs. Quickbooks will also file your payroll taxes.
Subscriptions are auto-billed monthly and you can cancel anytime.
Set Up Subscription
After you have gathered all information you need, move to setting up your Payroll service. Quickbooks has 3 Payroll Plans. Choose the payroll plan that meets your needs.
- Core: Cover the basics with simple, reliable automated payroll created for small teams.
- Premium: Continue growing with payroll automation, time tracking, same-day direct deposit, professional setup review, and HR support.
- Elite: Protect your business with payroll automation and a suite of services that offer complete setup, certified HR support, and tax penalty protection.
Set Up Employees
When you begin adding employee information, you can set-up and assign pay schedules for each employee. You can also create multiple pay schedules for different teams or groups to manage your team.
- Add Employee
- Fill in Employee Info
- Check if you’d like to invite them to view their records online in workforce
- Select the Pay Schedule
- Set-up How much you pay the employee
- Add deductions and garnishments, if any.
- Add Witholding Information from their W-4 (Quickbooks payroll automatically calculates state tax witholding based on your entries).
- Choose your payment method including the direct deposit option.