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V
VaVia1
February 7, 2023
Solved

Negative Journal Entry

  • February 7, 2023
  • 6 replies
  • 78 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.

6 replies

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?

AlcaeusF
AlcaeusF
Level 14
February 20, 2023

@VaVia1 

 

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


Hi again, Rainflurry.

 

I appreciate you for always sharing your knowledge about QuickBooks. This will definitely help other users as well in the future. Please keep on posting here in the Community.

 

Keep safe and have a great rest of the day.

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