We pay our employees biweekly so they receive 26 pays a year. We did not get quickbooks desktop payroll set-up until the second pay of this year.
We split the employee annual costs and the company contributions for health insurances, disability and life insurances into the 26 pays. However, my bills from the health insurance and other insurance companies are received and due on a monthly basis. Thus, the amount showing in my liability accounts is never really going to match up with actual amount I need to pay for the month. This problem is compounded as this month the first payroll was not run thru quickbooks.
I like the idea of having all of these company contributions be tracked with payroll by employee as we have them all split up by offices as some of our employees work at more than one office location.
My question is: Can I make this work in terms of paying the correct liability amounts or is there a better way of setting this up?
I started to read the article that you referenced but it mentioned that if we had the assisted payroll (which we do), that we would not be able to make the adjustments and instead would need to contact someone to help us make them. Should I just do that?