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P
pizzapizza
January 29, 2024
Question

How to Add a Payroll Liabillity Entry

  • January 29, 2024
  • 1 reply
  • 0 views

Hi, we have a "S-Corp Health Insurance" which is a payroll liability. I think I need to create a journal entry in Quickbooks for this payroll liability so that it appears on the Balance Sheet. Can anyone please tell me how to best do this? Is there a better way to do this than doing a Journal Entry?

1 reply

M
MadelynC
January 29, 2024

Yes, there is, @pizzapizza. I’m here to guide you through the process.


QuickBooks has specific ways to accurately track S-corp health insurance or medical contributions. All you have to do is set up a payroll item and report it on your employees' paychecks and tax forms.


You can follow the steps below to complete the process:

 

  1. Determine the insurance plan you offer to your 2% shareholders. 
  2. Set up your S-corp medical insurance item.
  3. Report S-corp contribution on your paychecks.


Check out this article for detailed instructions: Set up an S-corp medical payroll item for your corporate officers.


Once accomplished, you can run payroll reports to track your S-corp contributions. You can customize and use the available reports features to display the details that matter the most to you.


If you need further assistance operating your payroll transactions, never hesitate to let me know. I’ll be here always, @pizzapizza.

P
pizzapizzaAuthor
January 29, 2024

Hi Madelyn,

 

Thank you. We do have the S-corp health contribution setup on Quickbooks Payroll Online. However, we also have QuickBooks Online which is using a different account. We already talked with someone at Quickbooks and they said there is no way to merge the two accounts. Therefore, how can we enter in the S-corp health in the balance sheet for QuickBooks Online?

 

Thank you.

A
ArielI
January 29, 2024

Hello, @pizzapizza.

 

Allow me to help you in correcting the S-corp health contributions in the balance sheet for QuickBooks Online(QBO).

 

To help you so, you have to create a journal entry manually, and here's how:

 

  1. Get your employees' payroll pay stubs or a payroll report from your payroll service.
  2. Select + New.
  3. Select Journal Entry.
  4. Under the Journal date, enter the paycheck date.
  5. If you want to track the paycheck number, enter it in the Journal no. field.

 

Moreover, I'm adding this helpful article as your reference for running reports to view useful info about your business and employees, you can check out this article for more guidance: Run reports in QuickBooks Online.

 

If you have further questions about your S-corp health contributions, you can comment below and we'll respond to you as soon as possible.

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