When you have a lot of wage workers taking care of your business process, it is your responsibility to take care of the compensation well. Thus, you must keep an eye on the latest updates and generate the related reports on a daily basis for the same purpose.
What is a Workers’ Compensation Report?
The Workers Compensation report is generated to get the details about the wages paid to workers for each class of work assigned to them. This helps employers like you to be aware of which employee is taking control and is involved in which class of work.
Why do You need Workers’ Compensation Report in QuickBooks Desktop?
As an employer, you are likely to need a list of employees to know the nature of work they are associated with. When you get the report generated, it becomes easier for you to track information and understand your compensation liabilities.
Steps to Managing Workers’ Compensation Report
Follow the mention steps to Managing Workers’ Compensation Report.
Step 1: Getting Started
- Click on Edit
- Choose Preferences
- Select Payroll & Employees
- Click on Company preferences
- Tick the Track Workers Comp checkbox
- Tick Display message to assign codes. This will display the Workers Comp messaging option.
- Also tick Exclude overtime premium from Workers Comp calculation. This will display overtime hours of the employees separately in the report.
- Click OK
- Again, select OK
Step 2: Setting up Workers Comp
- On the menu bar, click Employees
- Choose Workers Compensation
- Choose Manually Track Existing Workers’ Comp Policy
- Ensure listing your requirements in the Workers Compensation Setup window
- Click Next
- Enter details of insurance provider to be paid the premiums for workers’ compensation
- Click Next
Step 3: Setting up Employee Codes
- Go to the dropdown for Workers Comp Code
- Choose Add New
- Enter respective codes
- Click Next
Step 4: Assigning Class to Employees
- Select Workers
- Choose Employees
- Click on the pencil icon to Edit. You will find it next to the Employment option.
- Enter the class
- Click on Done
Step 5: Run the Report
- Choose Reports from the left menu
- Enter Workers’ Compensation Report in the search field or you can scroll down under the All option
- Locate Payroll
- Select Workers’ Compensation Report
- Modify the date range
- Choose Run Report
- Choose the amount for Wages Paid for the particular classes you assigned to employees in Step IV
What is Workers’ Compensation?
It is a form of insurance coverage offering wage replacement or providing medical benefits to employees and workers during medical emergencies.
What if an Employee is Exempted from Workers’ Compensation insurance?
You can assign the Exempt code while setting up employee codes as in Step III above.