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warren-bncs-sg
Level 1

Employee insurance under which category?

 
1 Comment 1
JoesemM
Moderator

Employee insurance under which category?

Good day, @warren-bncs-sg.

 

It's my pleasure to help you categorize your employee's insurance in QuickBooks. You can create new accounts in your Chart of Accounts to track and categorize the payroll liabilities and expenses like the insurance of your employee. 

 

Before doing so, I'd suggest consulting your accountant for guidance to ensure the accuracy of your books.

 

 Here's how:

 

  1. Go to the Gear icon, then Chart of Accounts.
  2. Select New to create a new account.
  3. In the Account Type dropdown menu, you can choose “Expenses.”
  4. In the Detail Type dropdown, you can select “Payroll Expenses.”
  5. You can enter/use “Payroll Expenses: Wages.”
  6. Under Description, you can enter, “This account tracks my payroll wages from.”
  7. Click Save and Close.

 

You’ll also want to create liability accounts to cover the most common payroll tax situations. Here's how:

 

  1. Get your employees' payroll pay stubs or a payroll report from your payroll service.
  2. Select + New.
  3. Select Journal Entry.
  4. Under the Journal date, enter the paycheck date.
  5. If you want to track the paycheck number, enter it in the Journal no. field.

 

For a complete guide on how to manually enter payroll paychecks in QBO, here's an article that you can refer to: Recording payroll transactions manually.

 

Also, QuickBooks makes it easy to view your employee data and monitor your business finances. Just open these articles for reference:

 

 

I'm always here if you have further questions about payroll and or anything else. Let me know by leaving a reply below. Take care and have a wonderful day, @warren-bncs-sg.