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June 24, 2020
Question

What journal entry do you use for an owner contribution to employee retirement account?

  • June 24, 2020
  • 1 reply
  • 1 view
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1 reply

john-pero
Level 12
June 24, 2020

1. You do not useca journal entry for banking transactions.

2. The employer match should be set up as a payroll item and posted as a liabikity during payroll run.

 

If you are doing this outside of payroll you can enter a Bill or just write a check. The account is the employer match retirement account set up as a payroll item.

 

Make sure you include the employee name to make it billable to the employee record.

 

If you eere on desktop instead of online you could run an extra payrun just for the retirement match, something impossible with online payroll i am told