Setting Up Payroll in Fix My Books: A Step-by-Step Guide

Updated at: 13/06/2025

Running a small business is tough enough without payroll headaches. This step-by-step guide simplifies setting up payroll in Fix My Books. We'll walk you through each crucial step, from adding employees and setting up pay schedules to understanding tax deductions and generating paychecks. Learn how to streamline your payroll process and avoid costly mistakes, freeing up valuable time to focus on growing your business.

Step-by-Step Instructions

  1. Access and Activate Payroll

    • Access Payroll Setup
    • Select Payroll Report and Free One-Month Trial
    • Choose Payroll Frequency (Semi-monthly in this example)
    • Activate Payroll
    Activate Payroll Activate Payroll Activate Payroll Activate Payroll
    Access and Activate Payroll

  2. Add Employee and Input Basic Information

    • Add Employee Information (Name, Birthday, SIN, TD1 Forms)
    • Confirm Completion of TD1 Forms
    • Input Employee Details (Address, Email, Hire Date)
    • Input Employee Number and SIN
    Input Employee Number and SIN Input Employee Number and SIN Input Employee Number and SIN Input Employee Number and SIN
    Add Employee and Input Basic Information
    • Enter Home Address
    Enter Home Address
    Add Employee and Input Basic Information

  3. Enter TD1 Form Details

    • Enter TD1 Form Information
    • Confirm TD1 Information
    Confirm TD1 Information Confirm TD1 Information
    Enter TD1 Form Details

  4. Configure Pay Schedule

    • Set Payment Frequency (Semi-monthly)
    • Specify Pay Dates
    Specify Pay Dates Specify Pay Dates
    Configure Pay Schedule

  5. Set Payment Details

    • Input Hourly Rate and Vacation Payout
    • Select Payment Method (Check in this example)
    Select Payment Method (Check in this example) Select Payment Method (Check in this example)
    Set Payment Details

  6. Complete Employee Setup

    • Finalize Employee Setup
    Finalize Employee Setup
    Complete Employee Setup
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Tips

  • Ensure accurate entry of employee details, especially SIN and TD1 information.
  • Double-check pay dates and frequencies to avoid errors.
  • Clearly define vacation payout policies.

Common Mistakes to Avoid

1. Incorrect Wage Calculation

Reason: Failing to accurately account for overtime pay, bonuses, deductions (taxes, insurance, etc.), or using incorrect pay rates.
Solution: Double-check all employee information, including pay rates, hours worked, and applicable deductions, before finalizing payroll.

2. Failing to Maintain Accurate Records

Reason: Insufficient record-keeping of employee hours, pay stubs, tax forms (W-2s, 1099s), and other payroll-related documents, leading to compliance issues and potential audits.
Solution: Implement a robust system for tracking and storing all payroll-related documentation, both physical and digital, ensuring easy access and retrieval.

FAQs

What information do I need to set up payroll in Fix My Books?
You'll need employee details (name, address, Social Security number, etc.), pay rates, tax information (W-4s, state tax forms), and banking information for direct deposit.
How do I handle different pay schedules (e.g., weekly, bi-weekly)?
Fix My Books allows you to customize pay schedules for each employee. During the employee setup, you'll specify their pay frequency. The system will then automatically generate paychecks according to the schedule you've defined.
What if I make a mistake in payroll? How can I correct it?
Fix My Books usually provides options to void or correct payroll entries. However, for significant errors, consult their support documentation or contact their customer service for guidance. It's crucial to act quickly to rectify any mistakes.