Managing Pre-Paid Workers COmp

eshorvath · ‎December 25, 2020

Hello-

I am new to the hiring employee word. Have QB Pro 2021 with desktop Payroll subscription.

I purchased workers Comp through an agent. I paid for $15,000 worth of Workers Comp payroll since this is going to be a part time employee. Once I go over the 15,000 payroll, I have to buy additional.

SO, I need to keep track of the pre-paid WC, bt subtracting to the pre-paid account, right? How do I set this up in payroll, so I know how much is left so I can anticipate the need for additional?

Any help please?

Thank you in advance.

-E

SarahannC · ‎December 25, 2020

Hello there, eshorvath.

You'll have to turn on and set up the Workers Comp first for your part-time employee. Here's how:

Click Preferences under the Edit menu.
Select Payroll & Employees, then Company Preferences.
Click Workers Compensation.
Select the Track Workers Comp checkbox.
Select OK, then OK.

Then, here's how to set up Workers Comp:

From the Employees menu, then select Workers Compensation.
Select Manually Track Existing Workers’ Comp Policy.
Make sure you have the requirements listed needed.
Select Next.
Enter the needed info of your workers’ comp insurance provider, where you pay your premium to.
Select Next.

Once done, you can proceed to Step 3 and follow the procedure in order for you to set up workers' compensation. Also, you can run a Workers’ Compensation report in QuickBooks Desktop where you can get the information you need.

Let me know if you have other questions. Take care and stay safe always.

eshorvath · ‎December 27, 2020

I'm still confused about what to do with the prepaid WC and amount used via the rate.

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