Thank you! Excellent instruction. I spent 90 minutes on the phone w/ QB Desktop Payroll support yesterday and got absolutely nowhere. You solved my problem in 16 minutes! 🎉
This video was so helpful. I set up the employee and employer deductions and contributions but was stuck on how to pay the liabilities and the Co expense to the vendor . I was missing the schedule payment set up so thank you so much ..
I really prefer having the deductions for insurance post to the expense account rather than a liability account. It just seems that the amount withheld never matches the amount that needs to be paid to the insurance company. That results in several extra steps before the insurance vendor can be paid. So, I regard the expense method as simpler and I almost always opt for the simplest method. :)
Thank you for this video. I wish I had watched it before I set up things as QuickBooks instructed me to. I was instructed to set up the Company Contribution part, but as you said, that amount does not match the actual insurance bill. I ran two bi-weekly payrolls before I realized this. Now, the company contributions are showing as an expense that doesn't match the amount I need to write a check for. Is there any way to undo or fix this?
The easiest way would be to make payments from payroll liabilities, adding additional amounts on the Expense tab of the check (shown in video. That will relieve the balance in payroll liabilities, then just use the negative expense method (also in video) from that time forward. Hope that makes sense. :)
Hi Lance, How do I record employer's and employee's 50% split, health insurance contributions. Also the same employee has another insurance company that he pays 100% premium, so there are two companies, what is the best way to set this up?
Hi Lily, If you want QuickBooks to calculate and expense the employer's part of the insurance with each paycheck, you need another payroll item. A Company Contribution type item. That will figure the employer's part. So, as you describe this employee, you would have a payroll items for the insurance where the employee pays 100%. You would have another payroll item that deducts the shared insurance policy from the employee's paycheck. Then a third payroll item, the company contribution item, that computes the employer's share of that second insurance policy. This isn't hard to do but is a little complicated for a short RU-vid comment. Hope it's clear. :)
