QB Issue Resolution:
“which has setup wage time recorded against it.”
Is the person On Payroll? Is it Wages to be paid for the time, or is it Time and you gave it some sort of Value?
“This time is being added to the cost of the asset to be capitalized and depreciated over the assets life.”
That would be correct for Payroll. Example: You run a roofing company, and your crew roofs your own building = improvement to your own asset, not Expense as payroll.
“A new payroll item has allowed the wages for this time to be assigned to the asset, but the taxes and benefits accrued for the setup time are not being assigned to the asset. Can these taxes and benefits be recorded against the asset?”
You can run payroll as usual without any new items, then adjust Expense against the asset tracking account.
“Is a journal entry necessary or is there a setup path in QB that allows this to happen when payroll is run?”
I would not monkey with lots of provisions in payroll for a Hardly Ever Going to use Again, function.
“After payroll is run without assiging tax and benefit cost to the asset, what is best method to record these costs to the asset?”
I would review with your own CPA that allocation. They know how the Tax regulations apply to your specific business and this specific activity.
Resolution for Issue 'Can payroll taxes and benefits, for time spent setting up a new asset, be recorded against an asset account instead of the normal tax and benefits expense account?' available: Yes (Solved).
Source: Intuit Community forum.
Can payroll taxes and benefits, for time spent setting up a new asset, be recorded against an asset account instead of the normal tax and benefits expense account?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for account instead
Quickbooks Repair Pro will resolve it efficiently and affordably. Guaranteed resolution of your issue, or you pay nothing!
Error Recovery for account instead [Canada]
E-Tech is the #1 Quickbooks data migration and Conversion service provider.
Additional Support Options: