Ok, We have Quickbooks Enterprise. We use a payroll provider (not my choice) We pay health insurance on the first of the month (entire premium) and then the payroll provider deducts 50% of the premium weekly from the employees paychecks. Basically we do not see the money it is just less that the employee's check is written for and essentially paying us for their half of the premium.
We have always just entered the liabilities, net pay checks and employee with holdings. I recorded the monthly payment BUT that is not an accurate amount that the company pays.
Do I just make a journal entry adjusting the health insurance expense?
Please help and be clear as possible lol I dont want to mess this up
For the best possible solution to your inquiry above, I recommend reaching out to your accountant. They'll be able to tell you how to record the health insurance correctly and what accounts you can use. Your accountant can also go step-by-step with you and give you all the clarity you need, so you don't mess anything up. If you need to invite your accountant to your account so they can help you, follow these steps:
Go to the My Accountant tab.
Enter your accountant's email address and press Invite.
Have your accountant open the invite in a private window to accept it.
It's that easy! Now your accountant has access to your account and can help you record your health insurance. If you don't have an accountant, then you can click the Find a pro to help button, and QuickBooks will find the nearest one to you.
Feel free to comment below if you have any other questions. Best wishes!