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kjenkins
Level 1

401 K needs adjusted for previous year

I have an employee that is owed back contributions to his W2 for 2018. I have already ran the W2's and I need to add the amount paid to his W2 but I can't figure out how to do it. I can't create a negative paycheck and I can't manually override the figures in the form. IF ANYONE can help me out here I would really appreciate it.  Can I go back on the paychecks that were missed and add the percentage?

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Best answer January 08, 2019

Best Answers
AlcaeusF
Moderator

401 K needs adjusted for previous year

Hello kjenkins,

 

It would be my pleasure to help you adjust the 401k deduction of your employee in QuickBooks Desktop.

 

We can correct the employee's year to date by creating a liability adjustment. If you still need to determine the amount on the payroll that needs to be adjusted, you can run the Payroll Summary report.

 

I'm linking an article below with the detailed steps on how to perform the process step by step including the liability adjustment:

 

Adjust payroll liabilities.

 

Please reach out to me here should you need any further assistance, I'm always available to talk QuickBooks. 

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1 Comment 1
AlcaeusF
Moderator

401 K needs adjusted for previous year

Hello kjenkins,

 

It would be my pleasure to help you adjust the 401k deduction of your employee in QuickBooks Desktop.

 

We can correct the employee's year to date by creating a liability adjustment. If you still need to determine the amount on the payroll that needs to be adjusted, you can run the Payroll Summary report.

 

I'm linking an article below with the detailed steps on how to perform the process step by step including the liability adjustment:

 

Adjust payroll liabilities.

 

Please reach out to me here should you need any further assistance, I'm always available to talk QuickBooks. 

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