Entry For Prepaids/ Expenses In Quickbooks

NHJACKIE · #1 Oct 31, 2006, 08:26 AM

I need some elementary accounting help! I will try to explain the best I can, but if you need more info, please let me know.
1. Health Insurance. Company pays a portion, EE's pay a portion. When the bill comes in, it is for the following month, making it a prepaid expense. (Right?) Total bill 5900.56, $3077.68 is paid by EE in the form of payroll deductions and I have the payroll company cut a check to the insurance company each week for their portion (769.42) and $2822.88 by company.
How should I properly record when I get the bill and the adjusting entry at month end?

rockybs · Dec 5, 2006, 07:47 PM

Quote:

Originally Posted by NHJACKIE

I need some elementary accounting help! I will try to explain the best I can, but if you need more info, please let me know.
1. Health Insurance. Company pays a portion, EE's pay a portion. When the bill comes in, it is for the following month, making it a prepaid expense. (Right?) Total bill 5900.56, $3077.68 is paid by EE in the form of payroll deductions and I have the payroll company cut a check to the insurance company each week for their portion (769.42) and $2822.88 by company.
How should I properly record when I get the bill and the adjusting entry at month end?

Go to your payroll setup and put it in as a deduction (nontaxed I assume) and when you run the pay liabilities you should be able to check that part and cut the check to send in. Hope this helps.



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