Paying a WSIB bill on Quickbooks

DSG1 · ‎December 08, 2020

I have been told by an accountant that since the WSIB payment date is not the same date that the WSIB expense took place I need 2 accounts and 2 transactions in Quickbooks. I have a WSIB Payable and a WSIB Expense Account in addition to the Chequing Account that the bill was paid from in my Table of Accounts.

I was told to

1. DEBIT: WSIB expense $2500 and date it Sept 30 then

2. CREDIT: WSIB Payable (liability account) $2500 and date it Sept 30 (I used a Supplier Credit not sure if that was correct)

Once WSIB was paid at the bank in October, I was to use that date to

3. DEBIT: WSIB Payable $2500 ( I connected the downloaded payment transaction to this debit) then

4. CREDIT: the bank account $2500

I only went as far as step 3 because the Chequing Account bank register shows the expense being posted twice in the Chequing account - in Sept and Oct.

Is that happening because I never did the credit to the bank in step 4 or did I use the incorrect payment account for the expense in step 1?

With each step I would love some insight and direction about "Which Account is the Payment Account". That detail was not included in the directions from the accountant.

I am also unsure about how to Credit the bank account in Step 4. Which option do I select under "NEW" for a bank credit?

Thanks again for any support that you can give me.

Rebecca R · ‎December 08, 2020

Hello again DSG1. It's great to see you taking advantage of all the awesome support that's provided by the QuickBooks Community. While we excel at providing technical support to those that use our accounting software, we're not trained accounting experts and some questions are best directed to an accountant. Luckily we also have a database of QuickBooks-certified accountants that can jump in to help in instances like these. Let me point you in the right direction.

Since you're already working with an accountant who's given you some directions as to entries you should post, you can invite them to work on your books with you to streamline this workflow. Navigate to the My Accountant tab from the left menu and enter your accountant's email, then hit Invite. Once they accept the invite they'll be able to log in and help you make these entries exactly as directed.

If you're interested in consulting with a QuickBooks-certified Pro Advisor, the My Accountant tab also has a Find a pro to help button that will take you to our database of Pro Advisors. You can use the filter and search functions to find one in your area, and some even offer free consultations. They're familiar with how to use QuickBooks to enter journal entries, and are also equipped with the accounting know-how to be able to advise you on the correct accounts to debit and credit.

I'm here to help if you have any technical QuickBooks-related questions. I also want to invite any accounting experts here in the Community to chime in if they have any advice or guidance to offer. Have a great evening!

DSG1 · ‎December 08, 2020

Thanks Rebecca, I appreciate your feedback! Hope you are well!

There is not much support available to me due to the level of the contract that the company owner has purchased from the accounting firm. I am pretty much on my own except for the clues that I gave you earlier, lol! They rarely log-in to help me, that is why I write to the forum.

Paying a transaction like a WSIB bill appears to be 4 steps and I know that once I know it is completed accurately, I will not forget how to do it as I have spent way too much time thinking about it, lol! I should never have asked the question about whether the transaction was to be completed like a regular expense, lol!

I am going to see if there are Quickbooks resources at the Indigo Bookstore that are worth purchasing.

When I google WSIB Quickbooks it usually shares info about payroll and that is not what I need to know.

You will hear from me again as I rely on this site for assistance. Take care!

LauraAB · ‎December 09, 2020

Hi there DSG1,

Thanks for that further insight into your situation. I can see how being left to figure out a lot of things on your own could leave you in a tight position, and it's great you're making use of other resources to fill in those gaps. I imagine one of the articles you came across in your search was this one about how QuickBooks Online Payroll handles WSIB: Workers' Compensation for Quebec (CNESST), Ontario (WSIB), and BC (WSBC). Since that's not quite what you're looking for, checking in with other resources, or even checking back with the accountant again even if they don't want to log into QuickBooks directly are good courses of action to take.

There may be other users here in Community who can give you some direction as well, since I know we have several knowledgeable accountants that comment from time to time. Keep any eye out for a response from one of them on this thread too.

Wishing you the best with this!

BestContractors · ‎February 17, 2021

For the first two steps, you will do the following:

create a journal entry debiting the WSIB expense account and crediting the WSIB payable account.

For the next two steps, you will do the following:

create an expense, WSIB is your supplier, choose the right bank account - this will be your credit to the bank, and the WSIB payable account - this will be your debit to the payable..

Every transaction you create in accounting has a debit and credit component. So, it's not really a four step process, but a two step.

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Paying a WSIB bill on Quickbooks