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Experienced Member

401k Employer Match Adjustment

When processing our payroll, I was told that the 401K contribution and our company match for our 1 employee started with the 1/31/19 payroll. After processing the payroll, it was found out this was incorrect and the 401k could not start until the 3/15/19 paycheck. We have a 6% company match, which needs to be adjusted so it s only for the 3/15/19 paycheck and not the paychecks since 1/31/19. How can this be handled? 

1 Comment
Community Manager

Re: 401k Employer Match Adjustment

Hello Suzy-2019,

 

We can resolve this by adjusting payroll liabilities. It helps to correct employee's Year-to-Date information. To learn more about it, please see this article: Adjust Payroll Liabilities.

 

The amount deducted from 1/31/2019 paycheck will be adjusted based on the effective date you've entered in step 6 in the article above. 

 

You're always welcome to post more questions about QuickBooks.