Hi Ray26,
It's great that you're keeping an eye on your rates to make sure everything is perfect. As we proceed through the new tax year, it's crucial to ensure everything in your payroll is done as accurately as possible. A little bit of set up today can result in significant time savings next tax season. I see you've tagged QuickBooks Online and QuickBooks Online Payroll in your post, but your description seems to be about QuickBooks Desktop. I'll be happy to help you set your WSIB up for 2020.
QuickBooks Desktop is designed from the ground up to give you full control of your books, and Payroll is no exception. The WSIB Premium you see is easily managed from your Payroll Item List. This allows you to quickly edit the rate and limit going forward for all of your employees in just a few easy steps:
- Click on Lists from the top menu bar, then select Payroll Item List.
- Double-click on the WSIB Premium payroll item to open the Edit menu.
- Click Next until you reach the Default rate and limit section.
- If your rate changed, enter your new rate and limit. You'll be asked if you'd like to update these for all employees, click Yes to confirm.
- Click Next then Finish.
With this, you're all set to quickly update all employees with the correct rate. If you're unsure what your 2020 rate and limit are, please ask your accountant for help. They're your most valuable ally for all things payroll, and they'll know what to enter to maintain accurate calculations. Check out our Find an Accountant page to find a QuickBooks pro in your area. You can enter in your postal code to find a pro near you, and filter for the product you're using so you know they're qualified.
I'm always here to help, so feel free to reach out any time.
