How to Enter Shareholder Health Insurance in Quickbooks?

If you’re a shareholder in a company that offers health insurance, you may be wondering how to enter this information into QuickBooks. Here’s a quick guide on how to do just that.

Checkout this video:

Introduction

In this article, we’ll show you how to enter shareholder health insurance in Quickbooks. Shareholder health insurance is a type of insurance that is typically used by businesses to provide healthcare coverage for their shareholders. This type of insurance can be used to cover the costs of medical expenses, prescription drugs, and more.

What is shareholder health insurance?

Shareholder health insurance is a type of insurance that is typically offered to shareholders of a company. It is designed to provide them with coverage in case of illness or injury.

How to set up shareholder health insurance in Quickbooks

Shareholder Health Insurance is insurance that a company buys for its owners (shareholders). It is a way to attract and retain good talent, since it is often difficult for small businesses to compete with larger businesses when it comes to benefits.

There are a few different ways to set up shareholder health insurance in Quickbooks, depending on your company’s needs. You can either set up a separate health insurance policy for your shareholders, or you can add them to your existing company health insurance policy.

If you decide to set up a separate policy, you will need to purchase the policy and then add the premiums to each shareholder’s account in Quickbooks. To do this, go to the “Lists” menu and click on “Customer:Job.” Create a new customer for each shareholder, and be sure to include their name and contact information.

Once you have created the customers, go to the “Banking” menu and click on “Enter Credit Card Charges.” Enter the premium amount for each shareholder in the “Amount” field, and be sure to select the correct customer from the “Customer:Job” drop-down menu. You will also need to enter the date that the premium was charged.

If you decide to add your shareholders to your existing company health insurance policy, you will first need to get their consent. Once you have their consent, go to the “Customers” menu and click on “Enter Credit Card Charges.” Enter the premium amount for each shareholder in the “Amount” field, and be sure to select the correct customer from the “Customer:Job” drop-down menu. You will also need to enter the date that the premium was charged.

You can also choose to set up automatic payments for shareholder health insurance premiums by going to the “Company” menu and clicking on “Preferences.” Under the “Payments” tab, select EFT (Electronic Funds Transfer) as your payment method. This will allow you to set up automatic payments from your company’s bank account to pay for shareholder health insurance premiums.

How to record shareholder health insurance premiums in Quickbooks

In order to keep accurate records of your company’s finances, it is important to know how to properly enter shareholder health insurance premiums in Quickbooks. Shareholder health insurance premiums can be recorded as either an expense or an liability, depending on the accounting method used by your company.

If you are using the accrual basis of accounting, health insurance premiums paid by shareholders are recorded as an expense in the month that they are incurred. If you are using the cash basis of accounting, shareholder health insurance premiums are recorded as a liability in the month that they are paid.

To record shareholder health insurance premiums as an expense:

1. Go to the Company menu and choose Make General Journal Entries.
2. In the Date field, enter the date of the premium payment.
3. In the Account field, select the account that you want to debit for the premium payment (typically this will be a “health insurance” or “shareholder benefits” account).
4. In the Debit column, enter the amount of the premium payment.
5. In the Credit column, leave this field blank (health insurance expenses do not require a credit).
6. Click Save & Close to save your changes and close out of the journal entry window.

To record shareholder health insurance premiums as a liability:
1. Go to Company menu and choose Make General Journal Entries
2

How to report shareholder health insurance on Quickbooks

If a corporation pays health insurance premiums for any of its shareholders, the cost is a deductible business expense. The shareholder will need to include the value of the health insurance in his or her taxable income. To record this in Quickbooks,enter the health insurance premiums as an expense on the shareholder’s W-2.

How to reconcile shareholder health insurance in Quickbooks

In this quickbooks tutorial we will show you how to reconcile shareholder health insurance in Quickbooks. This is a common question we get from clients.

You will want to make sure that you are logged into Quickbooks as the Administrator. Once you are logged in, go to the Company tab and then click on Company Settings.

From there, click on the Shareholders/Owners tab. You will see a list of all shareholders/owners in your company. For each shareholder/owner, you will see his or her name, percentage of ownership, and basis points.

Click on the shareholder/owner that you want to reconcile. On the right side of the screen, you will see two options: View Shareholder Detail and Reconcile Shareholder Equity Accounts. Click on Reconcile Shareholder Equity Accounts.

The Reconcile Shareholder’s Equity Accounts page will show you all of the shareholder’s equity accounts that need to be reconciled. For each account, you will see the beginning balance, deposits, withdrawals, and ending balance.

To reconcile an account, click on the Reconcile button next to the account name. A pop-up window will appear asking you to enter the reconciling information. Enter the information and then click on the Reconcile button.

Repeat this process for all accounts that need to be reconciled. Once all accounts have been reconciled, your shareholder’s equity will be up-to-date in Quickbooks!

How to troubleshoot shareholder health insurance in Quickbooks

There are a few things that can cause Quickbooks to have trouble tracking shareholder health insurance. If you’re having trouble, here are a few things to check:

– Make sure that the health insurance expense account is set up correctly in Quickbooks.
– Make sure that the shareholders’ names and Social Security numbers are entered correctly in Quickbooks.
– If you’re using an payroll service, make sure that the service is configured correctly to track shareholder health insurance.

If you’re still having trouble, you may need to contact Quickbooks customer support for help.

FAQs

1. How do I add shareholder health insurance to QuickBooks?
2. What are the steps for entering shareholder health insurance in QuickBooks?
3. How do I track employee health insurance in QuickBooks?

1. To add shareholder health insurance to QuickBooks, go to the Employees menu and select Insurance Coverage.
2. Enter the name of the insurer, policy number, and premium amount.
3. If you want to track employee health insurance in QuickBooks, select the option to track by employee from the drop-down menu.

Conclusion

Business owners often set up their QuickBooks accounts before they fully understand how to use the software. This can lead to frustration later on when trying to perform tasks that are outside of the scope of the original set-up. One common issue is figuring out how to enter shareholder health insurance in Quickbooks. Here is a step-by-step guide on how to do this:

1) From the main menu, select “Lists.”

2) Click on “Chart of Accounts.”

3) Click on the “Accounts” drop-down menu and select “New.”

4) Enter “Shareholder Health Insurance” in the name field.

5) Select “Expense” from the type field.

6) Click on the “Save & Close” button.

7) From the main menu, select “Company.”

8) Click on “Enter Shareholder Insurance.”)}

9) Enter the appropriate information in the fields provided.

10) Select “OK.”

Further Reading

Below are some helpful articles if you would like to learn more about entering shareholder health insurance in Quickbooks.

– [Documentation on how to set up shareholders](https://community.intuit.com/articles/1649148-set-up-shareholder-s-equity)
– [Info on setting up equity](https://fitsmallbusiness.com/how-to-enter-shareholders-equity/)
– [article on common Quickbooks errors](https://quickbooks.intuit.com/r/corrections/common-quickbooks-data-damage-issues/)