QuickBooks Payroll Tip – Workers Compensation Based on Hours Worked
A QuickBooks payroll tip for calculating Workers Compensation when it is based on hours worked. Workers Compensation Insurance is usually calculated as a rate which is applied to gross wages; and that's how the built-in QuickBooks Worker's Compensation feature calculates it. Last week, on the Intuit Community Forum, someone asked how you would set QuickBooks up to track Workers Compensation when it was a rate based on hours worked. I gave a brief overview on the forum, but thought that it deserved a more detailed "how to" here on our blog. Before you begin, you'll need at least three accounts in your Chart of Accounts to track your Liability and Expenses: one to track the accruing Worker's Compensation Liability {an Other Current Liability Account} one to track job or field…