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Video instructions and help with filling out and completing Who 940 Schedule Reduction Rates

Instructions and Help about Who 940 Schedule Reduction Rates

In this presentation we will take a look at form 940 within QuickBooks for more accounting information and accounting courses visit our website at accounting instruction dot info here we are in the home page we currently have the open windows open in order to open the open windows you go to the view drop-down and the open windows list we're going to take a look at the form 940 this time the form 940 is a form that can be generated by quickbooks if we have the paid version if you have the manual version you're testing it out can't generally run the form 940 within it although you can run reports and test things out in that format here we got the paid version so we'll take a look at the form 940 processing we can get in there a couple different ways I typically go to the employees up top go to the payroll tax forms and w-2s and the and then go to the process payroll forms that's going to open up the employee Center where in the file forms section now the 940 remember is at the end of the year don't get it confused with the form 941 it's going to be down here and if we have anything if we have everything in process for the payroll if we said if the payroll properly set up the payroll items properly went through the whole interview section set up our employees correctly and process the payroll correctly throughout the entire year and then the form 940 should process fine by QuickBooks within QuickBooks it's one that we often overlook because it's it doesn't only happens at the end of the year unlike the 940 ones which will be quarterly so just remember the end of the year you got the 940 it's not gonna be a summary of the 940 ones it's gonna be different because it's just calculating for the fruit of federal unemployment so if we just double click on that or we can create form I like to just double click on it I'm gonna put it for the year 2022 which is what we are working on and say ok and we're gonna say ok it'll process that form for us and again we can go through this this process but it's pretty self-explanatory to go through this and it'll populate the numbers for us if we have filled out again and five years worth of payroll correctly having setting it all up correctly have an entire worth of years worth of payroll in the current system and then having entered the data in the proper format so we won't go through all the numbers here once again but we just want to note that we want to be able to look at the 940 at the end of the year and possibly do some reconciliations between the 940 the 9th and the 940 ones and the w-2s just to be able to verify to ourselves that what is being generated from the payroll system from QuickBooks is looks proper looks correct and again the the level of how much we need to do that it will vary because part of the purpose of having payroll process it is that we don't have to recalculate the entire thing however we don't want to be completely to the point where we have no idea if what's being generated is at all correct because then we're completely at the mercy of the payroll forms and and then the government if they were to question anything about it so we want to be able to consider these and just have an idea ok does this is this reasonable does this look correct and then if there's anything that is not correct to have an idea of how we can go back and do some verifications how can we check this out to the data within the system to the reports to the to the w-2s that we print the w3 that 940 ones to get some verification some check figures within it but we can go through this and again this is going to be at the end of the year we can go through this process and it'll help us basically generate the 940 once complete we can then go ahead and submit this information within the QuickBooks system again of course within the paid version of QuickBooks for more accounting information and accounting courses visit our website at accounting instruction dot info.

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