How do you record an employee's pre-tax retirement recurring amount?

I'll help you set up the employee pre-tax retirement plan in QuickBooks, bakergerj.

QuickBooks Online offers the feature to assign specific items to employees. This helps track the items' contributions and ensure the appropriate person handles them. Setting it up in QuickBooks is essential if you or your employee contributes to a retirement plan. Doing so will ensure that it's reported accurately on your payroll tax forms.
 

Here's how:

1. Go to Payroll, then Employees.
2. Choose your employee.
3. From Deductions & contributions, select Start or Edit.
4. Click + Add deduction/contribution.
5. Select Retirement Plans in the Deduction/contribution type dropdown.
6. For Type, select the applicable retirement plan.
   • Choose a Company-only plan if you need to track a company-only contribution with no employee match.
7. Enter the provider's or plan's name in the Description (appears on the paycheck).
8. Complete the remaining fields.
9. If you have a company match, select the dropdown menu under Company Contribution to choose how you want to calculate the amount. Complete the new fields to enter the amount or percent per paycheck and annual maximum.
10. Click Save, then Done.

For more details, you can check out this article: Set up or change a retirement plan.

Thus, I suggest seeking advice from an accountant to ensure the accounts are correctly allocated to the appropriate accounts and maintain accurate financial records. If you don't have an accountant yet, you can visit the website Find a Pro Advisor Accountant to locate one near your location who can help you with your business. 

If you need further assistance, please don't hesitate to ask. I'm always here to help with any questions you may have. Take care, and have a great day!

Hi, I set up a pre-tax catch up deduction for an employee who joined our company in September 2024 and has an account with Fidelity. How do we send the funds to Fidelity? Does our employer need to issue a check payable to Fidelity with the employee's Fidelity account information? The employee intends to join Guideline in 2025. Thank you!

Setting up retirement plan contributions in QuickBooks Online (QBO) is essential for accurate pre-tax reporting, Boopboop. However, QBO is for recording purposes only. To send funds to Fidelity, you need to do it outside of QBO. You can then record it by creating a check or making a journal entry in QBO.

You can check out this article for more details if your employee contributes to a retirement plan: Set up or change a retirement plan.

I've also attached this article for your future reference in case you need to take a closer look at your employee's reports: Payroll Reports in QuickBooks Online.

If you need further assistance with sending funds to Fidelity through QuickBooks, just add your questions to the thread, and I'll be happy to help. Have a great day.