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Best answer November 28, 2023
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I understand the importance of having the correct salary being paid out reflected in your bank account and the Gross Salary expense account, ryanowens1.
Yes. In QuickBooks Online, there is a different way to avoid the GTLI showing under the Gross Salary expense account.
Do you have a separate account that you want to use to track the GTLI? If so, I'm here to assist you in setting this up in QuickBooks Online.
- Go to the Gear icon and select Payroll settings.
- Scroll down to the bottom, then click the pencil icon beside Accounting.
- On the Accounting Preferences page, tick the pencil icon beside Wage expenses.
- Under the Where do you track employee wages in your QuickBooks chart of accounts?, hit the Each employee's wages are posted to different types of accounts (salary, contractor, and so on) button.
- Move the cursor down until you reach the Group Team Life Insurance section.
- Choose the account you want to associate with GTLI.
- Make sure to add the account for the other pay types.
- After that, click Save, then Done.
For more details about setting up and reporting Group-Term Life Insurance, please see this article: GTLI.
Attending to your concerns is our main priority here in the Community, so please don't hesitate to ask us more questions about payroll by leaving a reply below. Take care and have a good one.
I understand the importance of having the correct salary being paid out reflected in your bank account and the Gross Salary expense account, ryanowens1.
Yes. In QuickBooks Online, there is a different way to avoid the GTLI showing under the Gross Salary expense account.
Do you have a separate account that you want to use to track the GTLI? If so, I'm here to assist you in setting this up in QuickBooks Online.
- Go to the Gear icon and select Payroll settings.
- Scroll down to the bottom, then click the pencil icon beside Accounting.
- On the Accounting Preferences page, tick the pencil icon beside Wage expenses.
- Under the Where do you track employee wages in your QuickBooks chart of accounts?, hit the Each employee's wages are posted to different types of accounts (salary, contractor, and so on) button.
- Move the cursor down until you reach the Group Team Life Insurance section.
- Choose the account you want to associate with GTLI.
- Make sure to add the account for the other pay types.
- After that, click Save, then Done.
For more details about setting up and reporting Group-Term Life Insurance, please see this article: GTLI.
Attending to your concerns is our main priority here in the Community, so please don't hesitate to ask us more questions about payroll by leaving a reply below. Take care and have a good one.
