Employee Payroll Record setup for Guideline 401K

Lisa2112 · ‎December 16, 2021

I just want to state first that neither Guideline nor Quickbooks could answer this question for me. A little concerning.

In any case, we have decided to use the Guideline 401K. We also have Quickbooks Online Payroll Premium. I know that once all the employees have made their selections that when the first payroll arrives the integration will take care of the proper percentages and withdrawals for the employees and the companies. What I don't know is this.

Do I need to go into each employee record into the deductions and contributions area and select which applies (401K vs After tax Roth 401K etc) and then enter the percentages the employee has agreed to and the company or does Guideline take care of those settings also?

I sat in QB Help chat for 40 minutes waiting for an answer and the follow up call I made didn't build confidence. I called Guidelines onboarding help and the answer I got was "You'll need to talk to Quickbooks about that". One would think if two apps were integrating that someone in the help department on either end would have some basic knowledge of the setup required.

Anyone here use both and care to shed some light?

JasroV · ‎December 17, 2021

I hear your sentiments, Lisa. I'm here to shed some light on your 401k query.

First of all, I appreciate you for taking the time in going through the 401k guideline. To clear things up, yes, you'll need to go to your employees' payroll information and select which 401k applies to them. I'll guide you how.

Go to the Payroll menu, click the Employees tab.
Select the employee's name.
Click the Pencil icon in the Pay section.
Scroll down on the deductions section, and select +Add deductions.
Select Retirement Plans under Deduction/Contribution type.
Then select the type of Retirement plan either 401k or After tax Roth 401K.
Enter the provider and the amounts per pay period, then click Save and then Done.

You can also read the Assign a retirement plan deduction or contribution to an employee (QuickBooks Online Payroll) section in this article for the complete details: Retirement plan deductions/contributions.

I'm also adding this link that you can read to learn more about 401k: 401(k) Plan Overview.

Furthermore, I'd also recommend working with your accountant to ensure everything is recorded accurately. When everything is in place, you might want to use this resource as a reference in efficiently running your payroll: Process or run payroll.

Keep me in the loop by leaving a reply below if you need more help about 401k or with your payroll. I'll be here ready to assist you. Have a great weekend ahead!

View solution in original post

JasroV · ‎December 17, 2021

I hear your sentiments, Lisa. I'm here to shed some light on your 401k query.

First of all, I appreciate you for taking the time in going through the 401k guideline. To clear things up, yes, you'll need to go to your employees' payroll information and select which 401k applies to them. I'll guide you how.

Go to the Payroll menu, click the Employees tab.
Select the employee's name.
Click the Pencil icon in the Pay section.
Scroll down on the deductions section, and select +Add deductions.
Select Retirement Plans under Deduction/Contribution type.
Then select the type of Retirement plan either 401k or After tax Roth 401K.
Enter the provider and the amounts per pay period, then click Save and then Done.

You can also read the Assign a retirement plan deduction or contribution to an employee (QuickBooks Online Payroll) section in this article for the complete details: Retirement plan deductions/contributions.

I'm also adding this link that you can read to learn more about 401k: 401(k) Plan Overview.

Furthermore, I'd also recommend working with your accountant to ensure everything is recorded accurately. When everything is in place, you might want to use this resource as a reference in efficiently running your payroll: Process or run payroll.

Keep me in the loop by leaving a reply below if you need more help about 401k or with your payroll. I'll be here ready to assist you. Have a great weekend ahead!

Lisa2112 · ‎December 18, 2021

Thank you, I am so appreciative to finally have a straight answer!

Lisa2112 · ‎January 09, 2022

Good Afternoon, I felt it my responsibility to follow up here. After the reply to this question I again attempted to do the initial employee setup for the Guideline 401k integration. There were situations due to our match percentage that were keeping me from doing the setup so, although uneasy, I had to wait to see how the integration worked. Tomorrow is our first payroll run that will involve the initial deductions. After logging in today and looking at our employees (we use QBO Payroll Premium) I am VERY PLEASED to report that the setup was done.

For future reference, in our experience, if a company using QBO Payroll integrates with the Guideline 401K it is seamless. They take care of the sync.

Concerning that I had to wait for this all to occur and could not get a proper answer to the question.

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Employee Payroll Record setup for Guideline 401K