Setting up YTD amounts for your employees in QuickBooks will help you in analyzing business trends. You will be able to compare the performance through stored data. With the earning data of an employee, their YTD can be easily calculated. In simple words, YTD (Year to Date) amount is the amount that an employee will earn in a complete financial period.
Some employers like to include the amount of taxes, insurance and investment in the YTD amount. This can be done in QuickBooks as well. YTD can also be used by employees to know the overall increment they are getting at an organization. They are quite useful when compared to YTD of the previous year.
In QuickBooks, you will enter YTD amount as historical payroll data. For this, you need to have an active subscription of the payroll service. We will discuss this later.
For Now, if you want to Enter Historical Payroll Data in QuickBooks, Follow the Steps Provided Below:
- Open QuickBooks Payroll.
- Click on Payroll Setup Interview.
- Select 5 Year to Date Payrolls.
- Click on Continue.
- Click yes it for the current financial period paychecks have been issued to employees, otherwise select No.
- Enter the relevant information in the provided input boxes for:
- Tax Payments
- Non-Tax Payments
- Click on Edit if you want to change any information.
- For entering data about a specific employee, click on Enter Paycheck by Employee.
- Select the Employee.
- Mark all columns that you want to use.
- Click on Done Entering Paychecks.
- Click on Finish.
Now, you will be able to see the YTD amount for all employees. You have multiple other options when working with YTD amounts in QuickBooks Payroll. These options enable you to further customize columns from each employee. You can use the check date, and tax information to filter for employees and calculate their YTD amounts.
Users can also use the enter YTD amount Window from the help menu to accomplish the task. This window will not save the YTD amount in QuickBooks but will let you calculate and export the data. Later, you can use the aforementioned steps to enter and save YTD amounts in QuickBooks.
Users can also get employee summary information from QuickBooks payroll. This will be provided as a document and will contain personal information of the employee along with their YTD amount. You can also include all the paychecks issued to the employee for a particular financial period.
Note: If you have QuickBooks desktop, then you should consider purchasing a subscription for QuickBooks Payroll. This subscription can be activated inside the desktop accounting software and works flawlessly.
RepairContact QuickBooks technical Support Team
If despite the aforementioned steps, you are struggling to set up YTD amount for employees, then reach out to our RepairContact QuickBooks help team. Our QuickBooks technical assistance team can help in improving the performance of your system while using QuickBooks. To know more, call our QuickBooks helpline 24*7 ✆+1-800-272-4169(Toll Free).