Jaclyn Anku, ProAdvisor Training & Certification Leader: On today's episode of In the Know, we'll be exploring Paycheck Corrections. Now, you can use QuickBooks Payroll to correct paychecks for your employees.
Hey, ProAdvisors, it's Jaclyn, and you're watching In the Know, where you get exclusive access to demos of Intuit product enhancements by the leaders who built them.
Let's jump right in with Nitzan to take a look. Nitzan, welcome.
Nitzan Leibovitch: Hey Jaclyn, I’m really excited to be here. Thank you very much for having me. And hey, everyone; my name is Nitzan Leibovitch, and I'm a product manager here at QuickBooks Payroll. I've got some exciting news to share with you today.
For closed quarter correction, which is anytime you want to record or adjust payrolls in periods where the tax filing has been already filed or passed due. What did we hear from you? We heard that you want more flexibility in the product and less dependency on the Care team.
So what did we do? We gave you more flexibility and reduced your dependency on Care.
How did we do it? Well, now in closed quarters and year, you can void both checks and direct deposit, edit checks, and record checks in history. For Premium and Elite QuickBooks Online users, you can also request the amendments directly from that product.
Some Fast Facts:
- Doing closed quarter correction is available to all QuickBooks Online SKUs. No need to call us. You can do everything directly from the product.
- Amendments are done for you. This is a special offering for Premium and Elite Quickbooks Online customers. Just a note, in order to help you, you would need to be set up for automated taxes and forms.
- How can you do that? Either from the Run Payroll screen for recording paychecks in history, or from the paycheck list or paycheck view when you want to void or edit the paycheck.
- When? Currently this is available to 100% of our QuickBooks Online Core, and 50% of our QuickBooks Online Premium and Elite customers. We will gradually open this up to 100% over the next month in November.
Let's dive into a real world example.
Let's imagine a common scenario with Mrs. Christina, our head cook. June is a super busy period where all the summer orders came in. You were in such a hurry that instead of running payroll, you just quickly wrote Mrs. Christina a manual check. Now a few quarters later, you realize this was an unrecorded payment.
The kicker is that last year's taxes are already filed.
All good. This is an easy fix now directly from the product, and there's no need to call Customer Care. You can just go and run the Run Payroll flow.
Select the correct pay period and the pay date where we forgot to record the payroll, which is June of last year. Since this is a closed quarter, we've added clear guidance. We'll let you know that this is a closed quarter, and filing has already occurred or past their due date. Making changes now might require amending your tax filing, whether it's federal, state, local, or all of them, and you might incur new overdue tax payments.
Click to continue, enter the right hours. And now, this is the cherry on top for QuickBooks Payroll Premium and Elite customers. We'll ask you right then and there if you want us to take care of your amendments. No need to call Care. We'll open a ticket for you and send a confirmation email with your case number.
Note that if you already have another request in progress, we'll update it without sending you a new case number.
Either way, you will receive an email once the amendment is completed.
For additional control, another great enhancement is the option to report your payroll transaction to QuickBooks. If you’ve already done this manually or prefer to create your own journal entry, you can easily opt out of this option. The control is completely in your hands.
Now, simply, the correction, ta-da, we will take care of it. You will receive an email with your case ID, and we’ll email you once the amendments are ready or if we need any additional information.
I would like to emphasize that we can also edit and void payroll in closed quarters, just like you did until now with open quarters. Simply go through the paycheck list, click on the chevron, and that is it.
That was a brief overview of our new Payroll Correction feature. I hope this will create an impact for you.
Thank you, Jaclyn! Back to you.
Jaclyn Anku: Thank you so much for that walk-through. If you find this update interesting or helpful, go ahead and like, comment, and subscribe. That's all we have for now.
For more product updates and demos, check out our In the Know Hub. We'll catch you next time.
