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divadcorp
Level 1

401k Employee / Employer Contribution

Hi, I do NOT have QB payroll services.  I use a 3rd party.

 

My question is in my chart of account, how do I set up the new 401k account for the EMPLOYEE contribution and setup for the EMPLOYER contribution.

 

I use 2018 desktop but am migrating to online soon.

 

Thank you

3 Comments 3
Mich_S
QuickBooks Team

401k Employee / Employer Contribution

I'll make sure to help you today, @divadcorp.

 

You can use Custom Setup to set up a retirement plan company contribution.

 

Here's how to set it up:

 

  1. Click on the List menu from the top. Then select Payroll Item List.
  2. Click on Payroll Item and then hit New.
  3. Select Custom Setup, and click Next.
  4. Select Company Contribution, and click Next.
  5. Enter a name and hit Next.
  6. In the Liability account drop-down list, select the same liability account that you chose earlier.
  7. From the drop-down list, select and Expense Account. Then hit Next.
  8. In the Tax Tracking Type window, select the tax tracking-type classification that matches your plan type, such as 401(k) Co. Match403(b) Co. Match457(b) Co. Match, and hit Next three times.
  9. If the same contribution rate applies to most or all of your employees, enter it into the field at the top of the Default Rate and Limit window. 
  10. Hit Finish.
  11. If the contribution amount is different for some employees, access those employee profiles and edit the contribution amount.

For more details, please feel free to review this article: Set up a payroll item for retirement benefits (401(K), Simple IRA, etc.).

 

You're always welcome in the Community. Have a great weekend!

divad213
Level 1

401k Employee / Employer Contribution

Excellent thank you

divad213
Level 1

401k Employee / Employer Contribution

Excellent thank you!

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