cancel
Showing results for 
Search instead for 
Did you mean: 
aaron-richmond
Level 1

Wire funds to outside account SEP Contribution

Hi Community,

I have a SEP IRA established at a brokerage and all the wiring information is set up in Quickbooks. How to I transfer money to this account?

5 Comments 5
JoesemM
Moderator

Wire funds to outside account SEP Contribution

I'm here to help share information so you can transfer the funds, @aaron-richmond.

 

Currently, Intuit payroll services don't send employee withdrawn funds or company contributions to retirement plan providers since this must be handled by the employer.

 

For now, may I ask more details on how did you set up the wiring information in QuickBooks? This is to ensure that I can provide the best resolution, so you can transfer the funds seamlessly.

 

However, if you set up the wiring information through a third-party app. Then, you'll have to contact their support team. That way, you'll be guided on how to transfer the funds.

 

I've also collected these articles that will guide you in setting up the right retirement plan in QuickBooks:

 

 

Please let me know if you have any questions or concerns about SEP Contribution. I'm only a Reply away. Feel free to reach out to the Community any time. Take care, @aaron-richmond.

aaron-richmond
Level 1

Wire funds to outside account SEP Contribution

Hi and thanks for your reply.  so I am the sole employee/owner of my company.  I set up the wiring instructions that I received from my brokerage and I can see the account under "transactions" then "banking".  The account information is there with my credit card and savings. 

 

I received support through the Quickbooks help line and a lady walked me through setting up the account.

Candice C
QuickBooks Team

Wire funds to outside account SEP Contribution

Good afternoon, @aaron-richmond

 

Thanks for reaching back out and letting us know some additional information. 

 

I'm so glad that our support team was able to help you figure out how to transfer money to a specific account. 

 

If you have any other questions, don't hesitate to ask. I'm only a post away. Take care! 

aaron-richmond
Level 1

Wire funds to outside account SEP Contribution

Sorry for the miscommunication.  The phone support team only helped me set up the existing external brokerage account in Quickbooks.  I still need to understand how I can transfer funds to this account.  Thanks

JamaicaA
QuickBooks Team

Wire funds to outside account SEP Contribution

It's our top priority to guide you on how you can record the transfer of funds from one account to another, @aaron-richmond.


The transfer funds function is usually used to record funds transfers between bank accounts and merchant accounts, or between bank and credit card accounts.


You can record it as an invoice and receive its payment. This way, it’ll match with the transactions in QuickBooks.


Here’s how:

  1. Select + New and tap Transfer.
  2. From the Transfer Funds From dropdown list, select the bank account that the money is coming from.
  3. From the Transfer Funds To dropdown list, select the bank account that the money is going to.
  4. In the Transfer Amount field, enter the amount being transferred.
  5. Edit the Date field and enter a description of the transfer in the Memo field (optional).
  6. Select Save and close or Save and new.
  7. Select Yes if you double checked the date.

Additionally, invoice payments and sales receipts that you need to combine are kept in the Undeposited Funds account. This way, you can combine payments in Undeposited Funds to match a deposit made in QuickBooks.


For more information about transferring funds between companies or accounts, you can check out the following articles:

 


Please know that I'm only a few clicks away if you have any other issues or concerns. I want to make sure everything is taken care of for you.

Need to get in touch?

Contact us