I have a question regarding after tax voluntary deductions for employee long-term disability. How do I set this up and do I need to create a new liability & expense account so that the deductions taken off each employees paycheque and are kept somewhere for when it's time to pay the insurance company? I am having trouble picking the accounts. If I didn't create a new account where would they go by default?
Any insight would be appreciated thanks,
Solved! Go to Solution.
Welcome back to the Community! I'll be happy to steer you in the right direction.
The QBO Payroll will automatically assign an account for you. However, if you'd like to know and be sure of which account works best for you, I recommend reaching out to your accountant. If you're not in contact with one, I encourage searching for one on our website using this link here. Doing this will help prevent any future discrepancies. Let me know if you have other questions. I'm here to assist.