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V
VaVia1
February 7, 2023
Solved

Negative Journal Entry

  • February 7, 2023
  • 1 reply
  • 50 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?

V
VaVia1Author
February 9, 2023

I get that it happens - just how do you account for the negative entry in the journal for that payroll event?

Rainflurry
RainflurryAnswer
Level 11
February 9, 2023

@VaVia1 

 

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

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