Adjust WSIB Liability/Add rebate QuickBooks Online (Ontario Canada)

Hi JM, you can record the rebate amount through a Journal Entry to debit your bank account and credit your WSIB liability account. This reduces the liability balance to reflect the rebate.

Here's how:

1. Sign in to your QuickBooks Online (QBO) account.
2. Go to + Create and select Journal Entry.
3. Debit the Bank account
4. Credit the WSIB liability account to reduce the expense.
5. Enter the amount and add a description (e.g., "WSIB Rebate 2025").
6. Once done, click Save and close.

To ensure the accuracy of your accounts in this entry, I recommend reaching out to an accountant. Their expertise in accounting can help you select the appropriate accounts, ensuring that everything is correctly represented in your books.

To record historical WSIB payments since you migrated in November, you'll need to record any payments made outside of QBO. You can enter these payments as either expenses or bill payments, depending on how you track WSIB, which debits the WSIB liability account and credits the bank account from which the payments were made.

If you have any additional questions, please don't hesitate to reach out.