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Can you reset the accumulated amount of a payroll item with a one-time limit?

We had an employee take out a loan against his 401k last year, so we created a payroll item with a one-time limit to repay the loan. After paying off that loan, he took out another slightly larger loan, so we increased the limit of the existing payroll item to the new loan amount. Several weeks later, we noticed that the deduction was no longer being taken out of his paychecks. QB had added the deductions to the accumulated amount of the previous loan and reached the one-time limit after just a couple of weeks. So my question is, is there a way to reset the accumulated amount of a payroll item with a one-time limit? If not, what are the options when an employee takes out multiple loans?

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Best answer July 16, 2020

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Can you reset the accumulated amount of a payroll item with a one-time limit?

There isn't a way to reset it, but what you describe should work fine.

 

For example, if the first loan was $500, then the repayment deductions will calculate up to the $500 limit you entered and then stop forever.  If you then gave a $300 loan and increased the limit on the employee to $800 (the sum of the two loans), then the deductions will start again and then stop after another $300, at $800.

 

Did you perhaps not increase the limit to the sum of both loans? If that's the case, then that's why the deduction stopped too early.

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Highlighted
Community Champion

Can you reset the accumulated amount of a payroll item with a one-time limit?

There isn't a way to reset it, but what you describe should work fine.

 

For example, if the first loan was $500, then the repayment deductions will calculate up to the $500 limit you entered and then stop forever.  If you then gave a $300 loan and increased the limit on the employee to $800 (the sum of the two loans), then the deductions will start again and then stop after another $300, at $800.

 

Did you perhaps not increase the limit to the sum of both loans? If that's the case, then that's why the deduction stopped too early.

View solution in original post

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