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T
TTELCTina
February 8, 2023
Question

Group Benefits: Correct Setup and How to Prepay

  • February 8, 2023
  • 1 reply
  • 0 views

We offer group benefits to our staff and it's a shared portion except for the life insurance which is paid in full by the staff.

We prepay the group benefits at the beginning of the month and the employee portion is deducted every pay (bi-weekly). As of now, we create a cheque for the payment of the group benefits and that is screwing up the "Profit & Loss" since the cheque payment for the group benefits as well as the employer portion is also included there.

Also, we offer this to staff that is on maternity/illness leave and they would send an e-transfer mid-month for their portion. How can we post these payments and how it can be posted in box#40 at the end of the year?

 

Would greatly appreciate your help/assistance.

1 reply

J
JamesM4
February 8, 2023

Hello TTELCTina, 

 

Thanks for connecting with us here. When it comes to managing your books, QuickBooks is the go-to program that helps you to manage your work with peace of mind. I'll be happy to share more info so you're on the right track with your work. 

 

In order to accurately record your transactions, I highly recommend consulting an accounting professional for expert suggestions. This ensures your books remain accurate while you continue to manage your work with peace of mind. You can also get in touch with a professional using this link here. Other accounting professionals are able to see this post in the Community and this will allow them to chime in. 

 

Let me know if this info helps. Otherwise, you're more than welcome to ask other questions in the comments below.

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