WSIB Surplus Rebate

Hi there swdstmkr,

It's important all your transactions be entered correctly for your books to be well balanced. QuickBooks Online is a great tool able to help you keep track of your transactions so you can see the profit of your company. I can point you in the right direction for assistance with entering this transaction.

In order to enter this in your books, you may need to do a journal entry to represent the money movement since this isn't a usual transaction you'll see a lot in your books. In order to know which accounts you should be choosing to affect in this entry, I recommend reaching out to your accountant. Their accounting knowledge will be able to guide you in this choice of accounts in order to make sure that it's correctly represented in your books. You can invite your accountant to your QuickBooks account so they can view your books in the My accountant tab. There's also a Find a pro to help button in this section that can help you find a local accounting professional that has experience with QuickBooks Online.

If you have any other questions, feel free to reach out here.

What I did was a journal entry debiting my payroll liability account for WSIB and crediting my payroll expense account for payroll taxes and I dated the entry for the date the surplus was applied to the businesses account with WSIB. 

Then I went into Taxes, Payroll Taxes and the green button for recording payment has a drop down. I clicked the drop down and chose to mark the current WSIB premium QBO says is due as paid.  You will get a pop up that warns that it will not record a payment from your bank or into the ledger - click yes,mark paid.