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Frequent Contributor *

After Tax Payroll Deductions

Hi,

 

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
Best answer 09-12-2019

Accepted Solutions
QuickBooks Team

Re: After Tax Payroll Deductions

I suggest checking how your accounts are mapped through your settings. You can do this by clicking the Gear icon > Payroll Settings > Accounting and from this screen, you'll see all your accounts and how they are mapped. Let me know if you have other questions. 

View solution in original post

7 Comments
QuickBooks Team

Re: After Tax Payroll Deductions

Hi there, 

 

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. 

 

 

 

Frequent Contributor *

Re: After Tax Payroll Deductions

Hey I appreciate the feedback. Just wondering what account would quickbooks automatically assign as a withholding account?  

QuickBooks Team

Re: After Tax Payroll Deductions

 Just to make sure we're on the same page, are you using Standard Payroll or Advanced Payroll powered by Wagepoint? 

Frequent Contributor *

Re: After Tax Payroll Deductions

I am using the standard payroll.

QuickBooks Team

Re: After Tax Payroll Deductions

I suggest checking how your accounts are mapped through your settings. You can do this by clicking the Gear icon > Payroll Settings > Accounting and from this screen, you'll see all your accounts and how they are mapped. Let me know if you have other questions. 

View solution in original post

Frequent Contributor *

Re: After Tax Payroll Deductions

Thanks that helped!

QuickBooks Team

Re: After Tax Payroll Deductions

That's good to hear! Feel free to reach out again if you have other questions.