Company just started offering insurance. We use a 3rd party for payroll and I'm confused about which account to credit and debit with a journal entry that accurately represents the amounts. We pay the bill in full monthly and we deduct bi-monthly from employee paychecks. I've set up GL codes for dental / vision / health but do I debit those and then credit an account for insurance liability? Currently they are both set up as payroll liabilities so they are cancelling each other out on a balance sheet which doesn't seem correct at all. I've royally confused myself with this. When bill is paid it's a partial employer expense and then the rest would come from the withheld paycheck amount.
