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ellis4
Aug 9, 2022 2:10 PM UTC
Solved

ACCRUED WORKMANS COST

I HAVE ACCRUED workman"s comp in my liabilities and need to get rid of this...can someone help m? thanks you

Rainflurry
RainflurryAnswer
Aug 9, 2022 3:40 PM UTC

@ellis4 

 

Presumably, this was done in error and you do not owe that amount, correct?  Are you able to locate the entry that booked the accrual?  If so, you will want to reverse the entry.  For example, if it was a journal entry that debited work comp expense and credited accrued work comp, then reverse it: debit accrued work comp, credit work comp expense.  If the original entry is from a prior closed period, date the new entry in the current period so you don't affect the prior closed period.

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4 replies

Rainflurry
RainflurryAnswer
Aug 9, 2022 3:40 PM UTC

@ellis4 

 

Presumably, this was done in error and you do not owe that amount, correct?  Are you able to locate the entry that booked the accrual?  If so, you will want to reverse the entry.  For example, if it was a journal entry that debited work comp expense and credited accrued work comp, then reverse it: debit accrued work comp, credit work comp expense.  If the original entry is from a prior closed period, date the new entry in the current period so you don't affect the prior closed period.

ellis4Author
Aug 9, 2022 3:52 PM UTC

THANK YOU SO MUCH...HELPS A LOT

MariaSoledadG
MariaSoledadG
Aug 9, 2022 3:53 PM UTC

I'll share some information about Workers Comp so you'll be guided on what to do, ellis4.

 

When Worker's Comp show's up under the Pay Liabilities tab, this only means that the payroll item is taxable. You can double check the item if it is really taxable. If it is and you're trying to change the rate, you can edit the item setup instead. Then you can make adjustments to correct your paychecks and liability. To do this, follow the steps below:

 

  1. Go to the Employees menu, then select Workers Compensation.
  2. Select Workers Comp List, then the code you want to update.
  3. Select Workers Comp Code ▼ dropdown menu, then Edit Workers Comp Code.
  4. In the New rate for this code field, enter the new rate.
  5. In the Start using rate on field, enter the date you want QuickBooks to start using the new rate. Note: If the date is after the payroll, QuickBooks Workers Comp reports automatically updates the numbers. However, it won't update individual paycheck info and you may need to make manual payroll liability adjustments.
  6. Select OK.

 

On the other hand, if you really wanted to delete Worker's Comp, you can go to the Employee's profile and remove it from there. I've outlined the steps below:

 

  1. Go to the Employees menu at the top.
  2. Select Employee Center.
  3. Choose and double-click the name of the employees.
  4. Click the Payroll info menu.
  5. Under the additions, deductions, company contributions section select the item to remove.
  6. Click OK.

 

Additionally, you can prepare and print your payroll tax payments and forms in QuickBooks Desktop Payroll. Once done you can file them with IRS and state agencies. To give you more information and detailed process, read this article for your reference: Pay and File Payroll Taxes and Forms Manually in QuickBooks Desktop.

 

Ping me over if you need further assistance. I'll always be right here to help.

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