November 22, 2020

Form 941 Instructions

Form 941 Instructions hello everyone welcome to another tutorial with EC QuickBooks training in today's video I'm going to show you how to do workers comp. Adjustments now I have pulled my report by workers comp by code by employee and this is the correct premium I have already submitted to my worker's comp company the payroll and I adjusted my my rates.

For each code according to what they had I had originally done. It by with experience modification but I'm just going to do net net rate and I think that's the, easiest way to do it to do it by net rate so after I went and.

Updated my workers comp rate rate under list I pulled the report and this is correct however when I went. To go and look at the liability and what I owed it was way. Off so I need to adjust that and let me show you what I'm what I mean here's my liability balances and this is what it shows, me that I owe which is higher than my report so I need to change that even though I changed my rate under lists its.

List workers comp list and then adjust the rate it didn't change because of the paychecks the paychecks didn't change the workers.

Comp race to space based on paychecks so I need to go do a payroll.

Adjustment so I'm going to show you how to do that today how to adjust, your workers comp to make it to how the rate it should be this is not to adjust your workers company, says to adjust your payroll liability in other words your workers comp liability so let, me go ahead and pull an example going to go under employees payroll taxes and liabilities adjust liabilities and this is the adjustment liability window so let me just go pull out the number that I need to adjust. Give me one moment I'm at the payrolls summary and here is the workers comp a line item.

And I'm going, to double click on that workers comp and here are the two paychecks that I need to adjust so I'm going to have date ten four and ten eleven adjustment to equal the right amount so the difference is fifty, two forty six that's what, I need to adjust for each week so I'm going to go to employees payroll taxes and liabilities adjust employees back.

To my adjustment page now I put the date of the payroll 10 for now.

Company what that means and you can use company and then select your workers comp that's just an overall adjustment to what the employer owes you can do. Company and just do the difference but I'm I want to do by employee so I'm going to select the employee that I want that way when I, pull the reports when I pull the reports the, payroll summary that we just saw it'll be by employee otherwise if you do it by company is just one a total amount at the end and I just, want to see each individual person just get adjusted and that's my personal preference if you have a lot of employees you, may not want to do per employee but I only have ten so I'm just going to do that, so workers comp and then the difference is I'm going to do a. Negative because I want to subtract this amount by every week if the difference was that I owed more then I would, just leave it as a positive but I all s of what I had recorded so I have to do a negative and that's.

Pretty much you know what I really need I mean. I could put the base wage and all that under there and then it's not subject to tax so I don't need to, worry about that I could put a memo I'm not going to worry about I know that. It's a workers competent but you can certainly fix filled all this out the date and then the effective date.

Should be the date as the check effected so I'm going to click OK refresh this and you can already see it it's right there it's under.

His name and the amount is adjusted because his, should only have been 67 90 so I'm going to do this for the next paycheck and and then what I want to do is I'm going to do this for all the employees what I, want to do is have my payroll summary balance match my actual liability balance so, once I'm done we're going to go back and we're going to see if I match after I do every, single adjustments but I have updated and adjusted to the workers comp so let's take a look at the reports, this is my payroll liability balance which it now looks like it does match here.

Is my amount let's look at the worker's comp by code and employee and there's the amount and that matches and my payroll summary and here is the workers comp melt. And that matches so everything looks good now I can make my. Payment and I will know for sure that everything matches so this is what I wanted to show you how, to update and make workers comp adjustments to your payroll checks please if you liked this video put select thumbs up. And don't forget to subscribe for more how-to tips and trick and troubleshooting for QuickBooks I will see you in the next.

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