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January 23, 2021
Question

For my small business, how do I track benefits costs? I mean the benefits that the business pays for them - health, 401k match, dental. having trouble finding a category?

  • January 23, 2021
  • 1 reply
  • 0 views
I'm not using quickbooks for payroll. So I'm entering the deductions for wage, taxes and benefits as their own line items. I'm fine to just lump all benefits that we pay for into one category.

1 reply

Level 9
January 23, 2021

Welcome to the Community, userkevin-vanbelois.

 

Since you're not using payroll in QuickBooks, we'll want to track the benefits costs manually. To do this, we can create tracking accounts in your Chart of Accounts (COA).

 

If you're not sure what accounts and categories to use, I suggest consulting your accountant regarding this matter. They can share their expert advice and best practices.

 

Here's how to create an account in COA:

  1. Go to Accounting, then Chart of Accounts.
  2. Select New, then enter the account details.
  3. Fill in the necessary information.
  4. Click Save and Close.

For a complete guide on how manual payroll works in QuickBooks Online (QBO), check this out: Manually enter payroll paychecks in QuickBooks Online.

 

You can also run payroll reports in QBO to get a closer look at your business's finances.

 

Let me know if you need more help. I'm always happy to lend a hand. Wishing you the best of luck!