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Join nowJust started Quickbooks a few months ago and have been busy getting everything set up.
I have entered my employee's semi-weekly health insurance deduction through payroll setup. I would like to post this deduction to an expense account called Health Insurance Premiums. The remaining amount would be the employer's health care expense.
Under Payroll Settings - Accounting Preferences, it appears as if I can only post the employee deduction to a liability account. Is this correct? The deduction I created is only listed under "Other Liabilities & Assets". I also see the options "Employer Health Premium" & "Health Ins. Contribution Account", but they seem to only be for recording the employer's cost.
Welcome aboard to the Community, gpthrush.
The employee deduction is posted to the Other Liability & Asset Accounts. Meanwhile, the employer part is tracked to the Company Contribution Expense Accounts.
Let me guide you through the steps on how to categorize these payroll items. Here’s how:
For more insights about classifying payroll items in QBO, check out the Setup Payroll account preferences article. It outlines the steps on how to set up a payroll account.
Keep me posted if you have any other concerns or questions. I'm more than happy to answer them for you. Have a great rest of the day.
How would I change the insurance dates in QBO. My company's insurance year runs from Aug 1 until July 31. I can not change the dates from Jan-Dec. to match my company.
I'd be happy to guide you update your insurance date in QuickBooks Online, Grizzly23.
Beforehand, are you referring to updating the effective date of your State Unemployment Insurance? If so, you can directly update the date once you receive a notice from your state agency.
To do so, here's how:
On the other hand, if you can't change the date. I encourage you to contact our Support Team for further assistance.
In case you're having issues with your taxes. Feel free to check these articles on how to fix it:
We are always here to help whenever you need assistance with your payroll tasks. Just hit the reply button below. Have a good one!
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