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We received our reimbursement for the WSIB Covid-19 related sick day benefit (Ontario COVID-19 Worker Income Protection Benefit Program) and I am just wondering if anyone can advise as to how to properly record this reimbursement on Quickbooks (Online)? For the Covid-19 Wage subsidy we made a separate income account specifically for that and made journal entries debiting the Payroll Liabilities account and I was wondering if we are to do something similar with this? I have not had any luck finding any information on this elsewhere so any help is much appreciated! :)
Hi aleahy1,
welcome to the Community. It's important that you correctly record you reimbursement for the WSIB Covid-19 related to sick day benefit in order to keep your books balance. QuickBooks Online is a flexible program that simplifies the way you manage your books. I'd be glad to point you to point you in the right direction to record your reimbursement.
I'd encourage you to consult an accountant as they have the knowledge on how to register this type of reimbursement. If you don't have an accountant, you can find one near you by clicking on My Accountant on the left navigation menu> and then Find a pro to help.
Let me know if you have any questions, I'll be happy to help.
Well you got the cash so the easy part is DR bank. Assuming you didn't accrue for this in advance, then you can either CR labour expense or CR other income/covid-19 relief/whatever revenue account. Depends on your accounting policies. If you accrued in advance then your CR goes against the asset/receivable when you set up the accrual.
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