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D
Deadwood Al
May 9, 2024
Question

Retroactive Work Comp ????

  • May 9, 2024
  • 1 reply
  • 0 views

We have paid work comp insurance annually. I would like to track work comp expense using the system to compare to the annual billing and assist / simplify work comp audits.

 

It is now May. I just received the codes and rates per $100 from the broker. If I enter those now and use the beginning of the year (January 1st) as the "begin using on" date, will that show the work comp cost  on reports from Jan 1st, or only start with the payroll ran after the codes are established. Any other problems I would run into? I'm trying to see where this would get booked in the GL but haven't yet found the explanation of the work comp tracking. I'll keep looking, it must be around somewhere.

 

Related question:  Are there any good books on QuickBooks Enterprise separate from the soon to be discontinued Pro & Premier? I always found the "QuickBooks for Dummies" helpful, but I haven't seen one for Enterprise 2024 yet, and the year is almost half over!!!

1 reply

R
ReymondO
May 9, 2024

Thanks for sharing your concern with us, Deadwood.

 

Once you've added a new workers' comp code in QuickBooks, its associated cost will only appear on reports after it's added to the paycheck. 

 

If you want it to be part of your General Ledger, you'll have to delete and recreate the paychecks where they should be included. 

 

Here's how to delete a paycheck:

 

  1. Go to the Banking menu and click Use Register.
  2. Select your bank account, then OK.
  3. Choose and open the check in question.
  4. At the top of the paycheck, select Delete.
  5. In the pop-up box, enter OK.

 

Once done, you can recreate the paychecks again. Make sure to clear the Use Direct Deposit option when doing this to avoid paying your employee twice.

 

  1. In the Review and Create Paychecks window, click Open Paycheck Detail.
  2. Clear the Use Direct Deposit option.
  3. Select Save & Close.

 

As for book recommendations specific to QuickBooks Desktop 2024, we're unable to provide any. However, you can explore various training courses or user guides available outside of QuickBooks.

 

Additionally, you can enhance your QuickBooks proficiency by referring to this PDF link: https://quickbooks.intuit.com/oidam/intuit/sbseg/en_us/priority-circle/content/QBD-Level1-Manual-202... It offers valuable tips and tricks to maximize your usage of the product.

 

If you encounter errors, missing, or incorrect info on your Workers' Comp reports, use this resource as a reference to fix it: Troubleshoot the Workers’ Compensation report in QuickBooks Desktop Payroll.

 

Feel free to reach out if you have further queries regarding Workers' Compensation in QuickBooks. I'm here to assist you.

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