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June 20, 2024
Question

How do I generate payroll from QuickBooks for my Scorp in which i'm the only stakeholder.

  • June 20, 2024
  • 1 reply
  • 0 views
Like I want to pay myself from my company by generating a paystub? is it possible via QuickBooks?

1 reply

Bryan_M
June 20, 2024

Good day, Sujith. Welcome to the Community.

 

Yes, it's possible in QuickBooks to generate your pay stub and S-corp. Also, you can use the owner's draw. Let me provide this to you.

 

Before we proceed to the steps, please know that you must be paid through an owner's draw instead of a paycheck via payroll. Then, consult an accountant to determine what method to use. 

 

You can read this article for more info: Set up and pay an owner's draw.

 

Thus, if you want to utilize payroll, you must have a payroll subscription to generate a pay stub in your QBO account. You can read this article to view the available plans and pricing: QuickBooks Online Payroll subscription plans.

 

Next, set up your QBO payroll. Once done, add yourself as an employee to run a paycheck and generate a pay stub. Here's how:

 

  1. Select Employees from the Payroll tab.
  2. Click Add an employee.
  3. Enter your name and tax info.
  4. Tap the Add employee icon.
  5. Select Start or Edit to any section to add the remaining employee info. When finished, click Save.

 

Check out this article for more info: Add your new employee to QuickBooks Payroll.

 

After that, set up a Scorp item in QBO. Lastly, you can now generate a paystub by running a payroll. You can choose either scheduled or unscheduled one. For detailed steps, feel free to read this article: Create and run your payroll.

 

If you want to arrange pay schedules, check this article: Set up and manage payroll schedules.

 

Click the Reply button if you have additional questions about generating paystubs in QBO. We'll be willing to help. Keep safe, and have a good one.