Recording Healthcare Premiums Paid

tipsen · ‎March 05, 2021

I have a two-person LLC Partnership.

I have recently set up benefits (health insurance) through a Quickbooks partner (SimplyInsured), and the premium is taken out automatically monthly from the business checking account.

The business pays 0% of the premium; I pay all of it.

Now, if I was doing a W-2 payroll, the deduction for the healthcare premium is straightforward.

But, if I am doing partner/owner draws for compensation, and I want to record that I am basically leaving some of my pay behind to cover the healthcare premium payments, what's the right way to do that?
Set up an "income" account that I pay into from my personal checking accounts to be received by the business?

DivinaMercy_N · ‎March 05, 2021

Help has arrived, @tipsen.

To record this, you can create a payroll deduction if that is taken from the salary. If it is directly deposited on your business bank, you can create a Bank Deposit on an asset. So when recording the payment for the Healthcare Premium, you can create a Journal Entry.

Also, QBO offers several payroll reports that you can pull up to access your business and employee information. To get started, see our Payroll reports page.

If you need further assistance with this, please leave a response below. I'm always here to help. Have a good one.

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Recording Healthcare Premiums Paid

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