How to manage employee's RRSP contribution

pt13489 · ‎February 08, 2025

Hello,

I want to set the employee's contribution to their RRSP; this is quite easy to do with QuickBooks pay online. My understanding is that when the paycheck would be generated, the company would hold the money of the RRSP. I need to understand in which QuickBooks account the RRSP money will be held temporary and how the company will transfer the RRSP into the employee's brokerage account. Does anyone know the recipe to do this?

Also, I don't see any place in the employee's setting to put a brokerage firm and brokerage account number; did I missed something?

Thanks in advance for your help

JamesM4 · ‎February 10, 2025

Hi there,

Welcome to the Community. I'll be happy to guide you in the right direction so you can record your transactions with ease.

To get started, here's a helpful guide with more info on how to: Set up and assign employee deductions and company contributions in QuickBooks Online. Once you've set up a contributions, the amounts associated with the contributions are recorded in your equity account in QuickBooks. For expert advice on transferring the RRSP into the employee's brokerage account, I recommend consulting with an accounting expert. You can get in touch with an accounting professional using this link here. Other accounting professionals are able to see this post in the Community and this will allow them to chime in.

Let me know if this info helps. I'll be a message away.

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