Ok--first let me say we use QB Desktop payroll and this is the first time since FFCRA was enacted we are paying an employee for National Paid Leave for their being gone due to covid and this is AFTER April 1, 2021 and I have NOT paid the employees yet--upcoming next week.
I went step thru step on the "track Paid leave...for coronavirus" Step 1--all good. Step 2 I set up the other expense account. THen step 3 I first see ""once you set up your liability and expense accounts, you will need to setup payroll items to track..." Where did I miss the setting up of liability accounts????? Please see below as an exact copy from website:
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Step 3: Set up payroll items
Once you set up your liability and expense accounts, you need to set up payroll items to track each type of paid leave found under the FFCRA that you identified in step 1.
My question is where did i miss the setting up of liability accounts??? Step 2 only had me set up and expense acoount? Do I need new liability accounts for company paid share of social security tax and medicare tax since they are also eligible for the credit (wages and company ss&medi eligible for credit) or will quickbooks do the work for me on calculating credit amount for both wages and company taxes since the wage went to the "National Leave ARPA-Emp" tax tracking type??
Not sure why steps say "once you have set up your liability and expense accounts" when there is no step to setup any additional or new liability accounts. Please help ASAP. Payroll is Monday.
I went onto step 3 adding the Payroll item applicable to National Paid Leave Employee. All good. THen Leave FMLA and Health Premium not applicable to our situation. THen I get to "National Paid Leave & Medicare Credit" and I am uncertain if this this is supposed to be being done for us since under ARPA eligible for credit on company SS & Medicare but if so why does it only say Medicare? Or do those instructions have to do with the old FFCRA Before ARPA added?
I confirmed the "National Paid Leave Credit Tax Item" is setup up after I did step 3 but I have no idea if my company share of SS & Medicare going to go here? Also within item 6 of step 4, after selecting ageny i pay, it says to Select "COVID 19 Expenses" in the liability account dropdown. When did any of these steps tell me to setup a "Covid 19 expenses" as a liability account??
