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Join nowQBDT Premier 2024 Ed.
Being a new contractor business, we had to pay very high Workman's Comp premiums for the first year (2022).
Our audit for the WC policy was done this year in July (2023). Because we had no employees most of the year, we got 2 separate "refunds checks" from the insurance company, both in October (2023).
How would I process these in QBDT Premier 2024? They were deposited in the business checking account (in the real world).
Thanks very much for your help.
Solved! Go to Solution.
The refunds can be recorded as a reduction in your WC expense or as income. I think it makes more sense to record it as a reduction in WC expense. The bottom line is the same either way. Assign your WC expense account to the deposit and you should be all set.
Hello there, victoria.
I understand the importance of being able to record these Workman's Comp premiums refund on your QuickBooks Desktop. Let me walk you through the steps on how you can do it.
Here's how:
You can also check this article for more information about the process: Record and make bank deposits in QuickBooks Desktop.
I have included an article that may help record payroll tax refunds: Handle a payroll tax refund from an agency in QuickBooks Desktop Payroll.
Feel free to let me know if you have any additional concerns regarding making deposits in QBDT. It's always my pleasure to assist you. Have a wonderful day!
The refunds can be recorded as a reduction in your WC expense or as income. I think it makes more sense to record it as a reduction in WC expense. The bottom line is the same either way. Assign your WC expense account to the deposit and you should be all set.
Hello Rainflurry,
Thank you for sharing your input to help address the issue. We love to see members supporting one another! Have a great day.
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