11May 2011 by Nancy Smyth

QuickBooks Payroll Tip-Tracking Employee Advance/Loan Repayments

Payroll Tips
Tracking employee advance or loan repayments can easily become part of your normal QuickBooks payroll function and is a must for companies that do have a policy that allows giving employees advances/loans for personal reasons. Earlier this week, in our post QuickBooks Payroll Tip - Tracking Employee Advances or Loans, we discussed three different ways in which to record an advance or loan that was given to an employee.  Today we will discuss how to track repayment of that loan through an agreed upon payroll deduction that will continue until the loan is paid in full by the employee. Create a payroll deduction item to record the loan repayment If your payroll item list doesn't currently have a payroll deduction item to record loan repayments, you will need to add…
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04May 2011 by Nancy Smyth

Unraveling Certified Payroll Requirements On Federal Construction Projects

Certified Payroll/Prevailing Wage, Webinars & Training
Unraveling Certified Payroll Requirements On Federal Construction Projects webinar presented for L2 Federal Resources, LLC Wednesday, May 18, 2011 • 1:00 - 2:30 PM EDT Presented by:   Nancy Smyth, Sunburst Software Solutions, Inc. _____________________ Making the move from residential/commercial construction projects to government-funded construction projects, which have certified payroll reporting requirements, can be overwhelming for most contractors, their office staff, and the accounting professionals who support them. This often misunderstood requirement can lead to major problems, including non-approval of payment requisitions, denial of payment for change orders and claims, and contract termination. Don't get caught in a payroll certification trap; learn the ins and outs of federal certification payroll requirements and get all your questions answered. Our live, instructor-led, on-line training class focuses on the following: What government agencies make…
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13Apr 2011 by Nancy Smyth

New Certified Payroll Solution Support Article

The "Sunburst" Website
A new Certified Payroll Solution support article has been added to our main website - Matching Your QuickBooks Paycheck Totals With Your Certified Payroll Report Totals A guide for verifying and troubleshooting the accuracy of your final certified payroll reports before you submit them is an important step in your overall success in using Certified Payroll Solution and getting paid on time. This mini-manual focuses on the Federal WH-347 form - which everyone has access to, 99% of the time, if the WH-347 form is accurate, any other state specific form that you are required to complete will be also.  It will teach you how to: Match your QuickBooks paycheck totals with your Certified Payroll Report totals Correct the 6 most common problems, based on over 10 years worth of…
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11Apr 2011 by Nancy Smyth

QuickBooks Payroll Tip-Setting Up General Liability Insurance Tracking

Payroll Tips, QuickBooks Setup & Cleanup
QuickBooks Payroll, when properly set up, is capable of tracking and including the cost of your General Liability Insurance; as well as many of the other things that costly construction software does automatically - with a little more effort on your part and without the big price tag. Tracking General Liability Insurance, when it is based on gross payroll, and getting those costs into Job Costing Reports is vital for many businesses, especially the construction industry. NOTE: The best time to implement this procedure is when your General Liability Insurance Policy period starts. The following instructions will allow you to track your General Liability Insurance costs when it is based on gross payroll and get those costs into your job costing reports without making complex journal entries.  It will also…
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28Mar 2011 by Nancy Smyth

Are Your QuickBooks Certified Payroll Reports Accurate? How to Check

Certified Payroll/Prevailing Wage, Payroll Tips, QuickBooks Corner, The "Sunburst" Website
Verifying the accuracy of the certified payroll reports that you can generate from QuickBooks Premier and Enterprise versions - IF you also subscribe to Enhanced Payroll, is a must for anyone in the construction industry. I've been watching the posts on the Intuit Community Forums about the alternate, substitute U.S. Department of Labor WH-347 certified payroll reports that can be generated if you have QuickBooks Premier or Enterprise AND an Enhanced Payroll Subscription.  It seems like many people want to know how to generate the reports, if the reports are approved through the DOL (Department of Labor), why they have suddenly stopped working, how to issue "No Work Performed Reports", and how to tell if the reports they are generating are accurate. This article will focus on the requirements of…
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14Mar 2011 by Nancy Smyth

Company Short on Cash? This is the bill to pay FIRST!

Be A Better Bookkeeper, IRS Information, Payroll Tips
Is your company short on cash and wondering which bill to pay first?   That bill should be your payroll taxes! At one point or another, every business is going to be short on cash and will be faced with the challenge of figuring out which bill they should pay first.  The first bill that you absolutely have to pay first is your is your payroll tax bill - otherwise it is going to cost you dearly in the long run! Below is a real example, taken from the March edition of The General Ledger, a monthly newsletter from the American Institute of Professional Bookkeepers. To deal with its financial problems T Corporation decided to pay several creditors, putting off for two quarters paying employment (payroll) taxes and filing related returns. …
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31Jan 2011 by Nancy Smyth

Payroll Tip-Employee Gifts, What’s Taxable and What’s Not?

Payroll Tips
Employee gifts or awards, are often given in recognition for a job well done, however, some gifts are considered taxable and must be included in payroll.  Keep the following in mind as you start a new payroll year. Gifts, prizes, and awards for production, attendance, efficiency or other on-the-job achievements must be included when calculating overtime pay. If the prize or award is a merchandise bonus, you must use the fair market value of the item - NOT the cost; to compute overtime pay. If your company throws a holiday party - perhaps a Christmas party, for employees and their families; the company can deduct 100% of the cost at the end of the year on your tax return.  The cost of the party is not taxable to employees or…
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14Jan 2011 by Nancy Smyth

QuickBooks for Contractors-High Cost of Payroll eBook

Free & Fee-Based QuickBooks eBooks, Payroll Tips
It's Friday again!  This weeks eBook is all about the High Cost of Payroll. How much does Joe Smith REALLY cost per hour?  Most business owners think of the payroll costs of employees in terms of their hourly cost - for example Joe's hourly rate of pay at $17.00 per hour, plus some payroll taxes Let's see what it would really cost your company, if Joe worked for you. March 8, 2013 - this eBook is currently being updated and will be available at a later date on Learn to use QuickBooks in your construction business website. Happy Friday everyone!
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11Jan 2011 by Nancy Smyth

QuickBooks Tip – Child Support Garnishments

Payroll Tips
  How to set up, track and pay Child Support Garnishments in QuickBooks seems to be a pretty popular topic of discussion, I see this question frequently on many of the QuickBooks forums and news groups that I frequent, so here is a little tutorial for setting up a weekly Child Support Deduction. Quick Facts About Child Support Garnishments: Child Support is a post (after) tax deduction from the employee paycheck. It is possible that you will have more than one employee with a Child Support Deduction. It is appropriate to have employee specific deduction items in your Payroll Item list. It is not necessary to have employee specific liability accounts on your Chart of Accounts. Creating a Child Support Garnishment deduction item in QuickBooks is pretty easy. From the…
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06Dec 2010 by Nancy Smyth

Prevailing Wage Fringes-Taking a Credit for Health Insurance

Certified Payroll/Prevailing Wage
Taking a Health Insurance credit against the full prevailing wage fringe benefit and reporting it correctly on the Federal WH-347 Certified Payroll Report can be very confusing.  This question was asked by a reader who recently requested our 4 Ways Contractors Pay Prevailing Wage Fringe Benefits eBook. This is an issue that has been extensively belabored in our office (by me). We are an open shop, but sometimes do jobs with a union agreement.   We do a lot of prevailing wage jobs and private work. We offer all of our employees health insurance - the company paying 75% of the monthly premium and the employees paying the remaining 25% through employee deductions. It gets so confusing and reading all the blogs etc. does not clarify it for me.  I must…
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01Dec 2010 by Nancy Smyth

Starting a New QuickBooks File? Benefits of the EasyStep Interview

QuickBooks Setup & Cleanup
When you use the EasyStep Interview to create a new QuickBooks company file, you will be asked questions about the type of business you own as it walks you through the process of setting up your business in QuickBooks.  Your answers will be used to help you get started quickly , by setting up the appropriate accounts and lists.  It will take you about 30 minutes to go through the EasyStep Interview. Creating a new company file in QuickBooks is easy and you can access the new file wizard in many ways. From the File menu, choose New Company If you have been working in a sample company file, click the Start your new company file now button on the upper right corner of the Home page. From the No…
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15Oct 2010 by Nancy Smyth

How to Fulfill Certified Payroll Requirements – ABC Webinar

Certified Payroll/Prevailing Wage, Webinars & Training
How to Fulfill Your Certified Payroll Requirements Webinar - Associated Builders & Contractors, Inc.  Merit Choice Date: Wednesday, November 17 Time: 2 p.m. (ET) / 1 p.m. (CT) / 12 p.m. (MT) / 11 a.m. (PT) Length: 90 minutes Fee: Free for ABC members Speaker: Nancy Smyth, President of Sunburst Software Solutions For more information or to register, visit https://www.abc.org/Hot_Links/Meetings_and_Events/Webinars/2.aspx Join ABC Merit Choice for a complimentary webinar on certified payroll! Learn everything you need to know to fulfill your certified payroll requirements in the most compliant and efficient manner. What government agencies make the laws behind certified payroll reporting requirements? How to comply with labor standards and payroll reporting requirements How to complete a Certified Payroll Report and Statement of Compliance Common methods for creating Certified Payroll Reports, Statements of…
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