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missmissySEI
July 16, 2024
Question

Payroll

  • July 16, 2024
  • 1 reply
  • 0 views

I do my own payroll (not the subscription).  I have four employees.  I first enter their jobs through "enter time", "Weekly time sheet".  Our employees work at several locations per day/per week.  The newest employee that I set up for some reason is always off my .02 cents.  I feel like there is something set up to round differently but I don't know where it could be.  The other three employees are spot on with my numbers.  Any idea's where I could check to see why QB's rounds this one employee differently?  Thank you.

1 reply

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CarlSJ
July 16, 2024

I can provide information about the payroll rounding you're experiencing with one of your employees, @missmissySEI.

 

Since you're doing payroll for your employees, let's check for possible amounts entered manually. Let's review your Weekly Timesheet to verify.

 

In the meantime, we can run reports by employees in QuickBooks Desktop to see a comprehensive view of each employee's compensation and their tax liabilities: Create a payroll summary report.

 

Moreover, feel free to utilize this article to learn what to do when an employee's paycheck has missing timesheet info: Fix a paycheck with missing timesheet info.

 

Let me know below if you require further assistance with rounding differences or other QuickBooks concerns. Have a good one.

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missmissySEIAuthor
July 16, 2024

It is not in taxes.  As I stated I do the payroll myself and the taxes I figure and enter them.  Quickbooks does not calculate the taxes.  What QB's calculates is when I enter the time at a job and the pay rate.  It then calculates the gross income, which just on one employee is off by two cents every time.  

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JorgetteG
July 16, 2024

I appreciate you for getting back to the thread, missmissySEI. I'll share some additional information about payroll rounding in QuickBooks Desktop(QBDT).

 

In QuickBooks Desktop, there are two time formats available: decimal (00.00) and minutes (00:00), giving you the flexibility to align with your preferences when entering time on paychecks.

 

The calculation for each line item on the paycheck earnings table involves multiplying the pay rate by the time worked and rounding to the nearest cent, ensuring accurate payroll processing.

 

For instance, if your employee worked for 8 hours and 30 minutes at an hourly rate of $20.00, the gross pay amounts to $170.00.

 

If you enter 8:30 while your preferences are set to decimal, QuickBooks converts it to 8.5 (8 and a half hours). On the other hand, if you enter 8.5 while your preferences are set to minutes, QuickBooks converts it to 8:30 (8 hours and 30 minutes).

 

Please check the screenshot below for an example of how adding the hourly rate against the preferences format can lead to an incorrect balance:

 

To check your time entry format, follow these steps:

 

  1. Go to Edit, then select Preferences.
  2. Select the General. 
  3. Choose the Company Preferences tab.
  4. In the Time Format section, select either Decimal (10.20), or Minutes (10:12).
  5. Click OK.

 

After making these adjustments, consider reviewing the resource on setting up employee time tracking to further streamline your payroll operations: Set up time tracking in QuickBooks Desktop Payroll.

 

In addition, referring to the article on understanding penny rounding differences can provide valuable insights for smoother payroll management: Why do I occasionally notice penny rounding differences?

 

Should you require further assistance managing your payroll or have any concerns related to QuickBooks, please feel free to get in touch. We're dedicated to providing you with the support and assistance you need.

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