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VaVia1
February 7, 2023
Solved

Negative Journal Entry

  • February 7, 2023
  • 1 reply
  • 13 views

We use BBSI to process our payroll and they calculate Workers Compensation on a monthly basis according to our weekly payroll. Once processed, I capture the different buckets in a journal entry which then correlates to the bank withdrawal, making it simple to match transactions.

This month for whatever reason, the WC was a negative amount, which when saved moves the amount to the credit column and the entry from the bank to the debit column - both positive amounts.

This causes my journal entry to be "off".

 

How do I handle this negative entry for WC?

Best answer by Rainflurry

@VaVia1 

 

Your screenshot shows a $68.40 credit to work comp expense.  A credit to an expense account is a negative entry.

1 reply

Rainflurry
Rainflurry
Level 11
February 7, 2023

@VaVia1 

 

It's not unusual to have a reduction (credit) in WC expense due to adjustments from your annual payroll audit or other WC policy adjustments.  Is it possible that's what happened?

Angelyn_T
Angelyn_TModerator
Moderator
February 7, 2023

Hi, @VaVia1. Thank you for adding your first post here in the Community. I'm here to help you track your payroll entry in our system.

 

In QuickBooks Online (QBO), you can only save positive amounts for journal entries. And, yes, once you input a negative number under the Credit column, it automatically moves under Debit and vice versa. Since you're using the BBSI app to calculate your Worker's Compensation, you may contact them for support on how to handle the negative amount.

 

Alternatively, you may seek help from an accountant for further assistance. They'll be able to give you more insights with entering the negative WC amount on your journal.

 

 I'm adding this material for more information about this feature: Create journal entries in QuickBooks Online.

 

On the other hand, if you want to process payroll with QuickBooks, open this article as your reference: Create and run your payroll.

 

I hope we’ll stay in touch and get to work together again in the future. If you have other questions, feel free to leave a comment below if you have follow-up questions. Keep safe!

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