Can Estimated Workers Comp in PR be set to Non-Booking acct to prevent Prepaid and Estimated from showing up as expense on P&L?
I am using QB desktop Enhanced Payroll and have one employee. This is a new business so I had to prepay the workers comp insurance and entered it as a Custom Payment in Payroll and used Workers Comp Payroll Expense as my GL Account. However, I also want to track the estimated workers comp by paycheck, so I have turned the Tracking function on in the Company Preferences and have included the WC Code in the Earnings Section of the employee’s paycheck. I use cost accounting so I need the prepayment to show as an expense during the period it was paid, but on my P&L, the estimated WC from the employee paychecks is also included in the WC Expense which is causing the expense amount on the P&L to be too much. Is there a way to make the Estimated WC from the paycheck hit an account that is a non-booking account so that I am able to see both?