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jaciet62
Level 1

How to record workers comp for owner

The owners personal insurance will not cover on the job injuries.  Can someone explain how to set up and pay L & I for the Owner since there is no payroll deduction.  Should it be done through a journal entry? 

2 Comments 2
Anonymous
Not applicable

How to record workers comp for owner

Hello, jaciet62.

 

There isn’t a direct way of setting up owner’s L &I in QuickBooks. Though, you can create an account to tract the payments for this particular insurance.

 

Moreover, it’d be best to consult your accountant to setup and pay it correctly.

 

Visit us again if you have other concerns about QuickBooks.

qbteachmt
Level 15

How to record workers comp for owner

There is no Journal Entry. You will already have the Payment or Purchase transaction to enter, as Checking Expense or as Credit Card Charge. You don't use Debit-Credit, because you also have a Payee Name.

 

You don't use JE to pay rent or office supplies; you enter the Purchase or the Payment transaction.

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