Paychex, Inc. is a primary provider of integrated payroll, HR, retirement, and insurance solutions, allowing business owners to concentrate on their growth and management. In addition, you may securely post payroll entries to your Intuit accounting package in seconds with Paychex General Ledger Service.
Clients and accountants can easily synchronise QuickBooks Online and Paychex Flex Payroll items with the Paychex General Ledger service via Link and Sync. In addition, payroll transactions will be automatically sent to QuickBooks Online with each payroll.
- Time savings: No more manual data entry, which is time-consuming. You don’t have to do anything because payroll data is immediately posted to your QuickBooks Online account.
- Convenience: A continuous, accurate, and secure flow of general ledger data into QuickBooks Online.
Customers can import a Full Payment Summary (FPS) file in XML format into QuickBooks Online Standard Payroll using the Data Importer feature in QuickBooks Online.
Before you begin, there are a few things you should know:
- Only one file with the most employees can be imported, and it must not contain multiple payroll schedules.
Employees with weekly or monthly schedules, for example, must be included in the file, but not both. Select the FPS file with the most employees if you’re performing both weekly and monthly payroll. The missing staff can be added later.
- Payroll liability and expense accounts should be renamed to make them easier to identify once imported into QuickBooks Online.
Payroll Expenses, for example, maybe renamed Payroll Expenses (imported), and Payroll Liabilities, Payroll Liabilities (imported). This ensures that QuickBooks Online may create new payroll expense and liability accounts when you run your first payroll.
If you haven’t already done so, please rename the old payroll accounts in QuickBooks Online after migrating.
- You’ll be asked to choose a “Net Pay” account when you run your first paycheck.
This is the bank account where QuickBooks Online Standard Payroll will deposit each employee’s net wage expense. So, before you create your first payroll, please set up your bank account.
What is the procedure for importing an XML FPS file?
When you’ve finished creating your FPS file, watch the video below and follow the steps to import it into Standard Payroll:
- Then, log in to QuickBooks Online Payroll Standard.
- Select Let’s go from the Employees or Payroll menu.
- Select Yes, import my data when requested.
- Select your prior payroll software on the next page, then click Next.
- Create a Full Payment Submission (FPS) with the most employees possible. This must be in XML format.
Please note that it’s critical to use the most recent FPS with the most significant number of employees to ensure you can take up where you left off with minimal manual entry.
- On the next screen, select Upload file, then pick your exported XML file.
- To begin the import, pick Next on the last page. If we cannot import your file, you will receive an email with instructions on proceeding.
- Log in to your old payroll programme.
- Save it to a safe location on your computers, such as your Desktop or My Documents.
Please note that if this is your first time using QuickBooks Online, watch this video to learn how to import employee data, post-import tasks (including completing employee data), and tax and pension data.
To summarise, QuickBooks Desktop software is accounting software that different strata of accountants and bookkeepers have widely regarded. The whole idea of this blog is to help you understand the Paychex integration with QuickBooks, so please read the entire blog very carefully. I, at this moment, thank you for the time you’ve spent here, and I hope that this blog is helpful and worth your time.