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Where do setup worker's comp at chart of accounts
if i purchase a workers comp insurance . What expense should I enter it under?
MarninaMAnswer
October 16, 2018
Hello rrrmessenger!
In QuickBooks you have the freedom to create
an account name that you deemed as appropriate as long as it is associated to a
correct account type.
Preferably, you can use the Expense account
type and name it Workers Comp or make it a subaccount of Payroll or of
Insurance. As for what kind of Expense account to use, your best bet is to
reach out to your accountant for guidance, but once you have spoken to
them, this is how you would create the account in QuickBooks:
- Choose the Gear icon.
- Under Settings, choose Chart of Accounts.
- Click the New button in the upper right. A pop-up window will open.
- Choose the appropriate Category Type for the account.
- After Category Type is selected, the Detail Types related to that account type will be visible.
- Click Save and Close.
Let me know if you have any questions.
Take care!