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JustinB75
Level 3

Workers Comp - Adjust Liabilities For Company OR Employee?

For whatever reason every time my workers comp rates change, the company in which I have WC through never send an email or letter to notify me of any rate changes so I can make the appropriate changes in Quickbooks so everything is accurate. I noticed today that back on 09/06 they changed (increased) the rates and I did not notice until this morning when I received an email stating how much that company will be taking for WC, and the amount of course did not add up with what I had in QB. I last ran payroll on 09/17 and have only ran it once since the rate increase. There is a difference of $8.57. I know how to adjust liabilities to correct this for the company in QB Desktop. But I was wondering if I also need to adjust this for each employee in QB?

Thank you in advance for all of your help. I do appreciate it!

Solved
Best answer September 23, 2021

Best Answers
MirriamM
Moderator

Workers Comp - Adjust Liabilities For Company OR Employee?

Hi there, JustinB75.

 

I appreciate the detailed information that you've provided me.

 

To ensure your payroll reports are correct, adjusting payroll liabilities for the employees is also needed. Then, to have the system calculate Worker's Compensation for the updated rate, here's what you'll need to do to edit the rate:

 

  1. Go to the Employees menu at the top. 
  2. Choose Workers Compensation.
  3. Select Workers Comp List, then locate the code you want to update.
  4. Click the Workers Comp Code ▼ dropdown menu.
  5. Choose Edit Workers Comp Code.
  6. Enter the new rate in the New rate for this code field.
  7. In the Start using rate on field, enter the date you want QuickBooks to start using the new rate.
  8. Click OK

 

To know more about handling Worker's compensation and how you can do the adjustments, see the below articles:

 

 

Should you have other questions, do let me know. I'll be around to help. Take care.

View solution in original post

1 Comment 1
MirriamM
Moderator

Workers Comp - Adjust Liabilities For Company OR Employee?

Hi there, JustinB75.

 

I appreciate the detailed information that you've provided me.

 

To ensure your payroll reports are correct, adjusting payroll liabilities for the employees is also needed. Then, to have the system calculate Worker's Compensation for the updated rate, here's what you'll need to do to edit the rate:

 

  1. Go to the Employees menu at the top. 
  2. Choose Workers Compensation.
  3. Select Workers Comp List, then locate the code you want to update.
  4. Click the Workers Comp Code ▼ dropdown menu.
  5. Choose Edit Workers Comp Code.
  6. Enter the new rate in the New rate for this code field.
  7. In the Start using rate on field, enter the date you want QuickBooks to start using the new rate.
  8. Click OK

 

To know more about handling Worker's compensation and how you can do the adjustments, see the below articles:

 

 

Should you have other questions, do let me know. I'll be around to help. Take care.

View solution in original post

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