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J
JustinB75
October 5, 2020
Question

My workers comp rate was lowered and I ran payroll with old rate

  • October 5, 2020
  • 1 reply
  • 5 views

My workers comp rate was lowered and I did not know that until after running payroll a few times. I just so happened to log into my workers comp online account and I noticed the change and when it went into effect. We do payroll on a biweekly basis and I did run payroll a few times with the old workers comp rate. The company who I have workers comp through did take what they needed as they have the accurate rates, but obviously Quickbooks Desktop calculated something else so now my reports are off by a little bit, and I had to redo my reconciliation of the business checking account. Is this something that can be corrected even though paychecks were processed and paid (direct deposit) to employees? I do have the new rate entered and my last payroll was fine.

 

Thank you for all your help in advance - I appreciate it.

1 reply

john-pero
john-pero
Level 12
October 5, 2020

When you edit the wc payroll item you will select the date it changed. Over a few payrolls QB will automatically adjust the withholdings (if any) as well as your liabilities. This should all correct itself by end of calendar year . You might end up with a small (cents) discrepancy at end of your fiscal year but at that time you can create a liability adjustment

    J
    JustinB75Author
    October 5, 2020

    Will having ran a few payrolls with the incorrect workers comp rate effect my quarterly form that I file? Thank you! I really do appreciate your help!

    M
    Mark_RModerator
    Moderator
    October 5, 2020

    I appreciate you getting back to us, @JustinB75.

     

    Yes. Workers' compensation affects your quarterly forms, especially your unemployment forms.

     

    As mentioned by @john-pero above, QuickBooks will automatically adjust the withholdings and your liabilities. And this should be corrected by itself.

     

    If you need further assistance with this, I suggest contacting our Phone Support Team. This way, they can provide additional information about workers' compensation.

     

    Also, you might want to check out this article to know the different types of workers' compensation reports: Workers’ Compensation report in QuickBooks Desktop.

     

    Please keep in touch if there's anything else I can do to help you succeed with QuickBooks. I've got your back. Have a great day!

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