S-Corp Medical Insurance set-up as directed on this site leaves ALL of the insurance as Payroll Liability on the balance sheet
My accountant retired and I have to produce my books for someone that knows nothing about my taxes, thus, I want to get QB to report accurately. The company pays 100% of all insurance expenses. Share holder pays taxes on it.
I set up S-Corp medical payments as directed on this site with the same insurance plan given to everyone including 2% share holders. When I pull the balance sheet, it puts the insurance premiums as "Payroll Liability". Insurance payments are an expenses and paid once annually at the beginning of the year.
Sadly, I do not know how I need to debt/credit/adjust the Payroll liability to get it to show zero (assuming all taxes have been paid). I am not certain of the approach. ALL of the articles share how to set this up for the W2s. None of them indicate HOW to manage the insurance payments and align to QB.