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rrrmessenger
Level 1

Where do setup worker's comp at chart of accounts

if i purchase a workers comp insurance . What expense should I enter it under?

Solved
Best answer October 15, 2018

Best Answers
MarninaM
QuickBooks Team

Where do setup worker's comp at chart of accounts

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:

  1. Choose the Gear icon.
  2. Under Settings, choose Chart of Accounts.
  3. Click the New button in the upper right. A pop-up window will open.
  4. Choose the appropriate Category Type for the account.
  5. After Category Type is selected, the Detail Types related to that account type will be visible.
  6. Click Save and Close.

Let me know if you have any questions.

Take care!

View solution in original post

3 Comments
MarninaM
QuickBooks Team

Where do setup worker's comp at chart of accounts

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:

  1. Choose the Gear icon.
  2. Under Settings, choose Chart of Accounts.
  3. Click the New button in the upper right. A pop-up window will open.
  4. Choose the appropriate Category Type for the account.
  5. After Category Type is selected, the Detail Types related to that account type will be visible.
  6. Click Save and Close.

Let me know if you have any questions.

Take care!

View solution in original post

Cristian
Level 1

Where do setup worker's comp at chart of accounts

And the NYSIF Disability Benefits?

whowaaa
Level 1

Where do setup worker's comp at chart of accounts

The reason I buy quickbooks is so i dont need to have a accountant on my books at all times. or want one.  I do my own taxes , as an scorp though it matters about where it is set up . if it is set up as a sub acct of payroll if i do a payroll transfer into turbo tax 1120s , guess what shows as part of payroll. and I cant override it? 

. I would keep it as insurance expense   but then turbo tax doesn't show a place for workers comp in the transfer BUT it does show the workers comp cost  and gives choices that are NOT what it is for . no choice for workers comp. It is also company paid . i would think Quickbooks would allow import correctly  but it doesn't. and thats why they tell us to go to OUR acct as if we want or have one. there is no way I can see yet to transfer correctly  unless it is done by hand. 

 

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