How to record an employee payroll deduction that will be used to reimburse the employer paid insurance premium?
Our company pays for the total premium of our one full time employee that has elected to receive insurance benefits. The employee is supposed to pay a portion. The premium is deducted from our bank account on the first of the month in full. I want to deduct the employees portion from his paycheck and reimburse our company. I followed instructions and set up this deduction in payroll. However, now it creates a liability that has already been paid and wants to electronically pay this liability. All I want is to reimburse the company for the employee portion of the total premium already paid. I also want the total to reflect as an expense on my P&L.
I realize these are two separate transactions. The first being the ins. premium that correctly shows as an expense. But the deduction from the employee paycheck is confusing me. I simply want this to be a negative expense but set up is trying to pay a liability.
How to record an employee payroll deduction that will be used to reimburse the employer paid insurance premium?
There is not Two Separate transactions: "I realize these are two separate transactions."
The Payroll Deduction would be linked not to Liability; link it back into the expense account you already paid out of = internal reimbursement. There is no Check to write.
"I also want the total to reflect as an expense on my P&L."
How to record an employee payroll deduction that will be used to reimburse the employer paid insurance premium?
There is not Two Separate transactions: "I realize these are two separate transactions."
The Payroll Deduction would be linked not to Liability; link it back into the expense account you already paid out of = internal reimbursement. There is no Check to write.
"I also want the total to reflect as an expense on my P&L."
How to record an employee payroll deduction that will be used to reimburse the employer paid insurance premium?
the issue with this is that if you have an external company that take care of your taxes they wont let you pair it with an expenses account. they will just let you match it with deductions and liabilities account from QuickBooks
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