Health Savings Accounts (HSAs) have become increasingly popular over the past few years. These accounts are a great tool for employers and employees to save money on Health Insurance Premiums while also saving money for tax free medical expenses.
If you are processing payroll in QuickBooks we have had to previously set up custom items to track HSA contributions by both the employee and the employer. We have also had to be creative and override a few fields to get the W-2s to properly report and print these items. However, Intuit has come to our rescue and just recently announced that they have added HSA item set-up and tracking for those using QuickBooks payroll versions 2008-2010. For more information please read this announcement by Intuit.
If you have any questions on how to set these items up or would like training on doing payroll in QuickBooks please visit our website or call us at 801-225-6900. We are happy to help!