I purchased our company medical insurance through the Quickbooks marketplace and it was all setup 'automatically' for me but I think it was setup incorrectly. I've been scouring the quickbooks help articles for hours but they only talk about W2 reporting which doesn't help me.
I pay my employees bi-weekly, but the actual insurance premium comes out of my checking account monthly.
Employee A the company pays the premium in full, but it's listed under payroll as a deduction named 'Medical Insurance Employee Contribution' if I click edit the amount shows up as company-paid contribution. Should it even be listed under deductions if the company is paying it?
Employee B the company splits the premium with the employee. It's listed under deductions as well, under 'Medical Insurance Employee Contribution' with the proper amounts showing up under employee contribution and company-paid amounts.
On my P+L report it shows the company-paid amount as a Payroll Expense, and it shows my monthly premium as a payroll expense as well. Shouldn't the amount reported on each paystub be a payroll liability and not an expense since it's not actually coming out of my account with each paystub?
I would like to get this fixed before 2021 starts up. Quickbooks online articles are not helpful and I can't get a real person. Thanks.
