That's correct, @amlastra. You'll need a liability account to record employee deductions, as well as an expense account and a bank account for the company contributions.
When manually recording 401k transactions, you'll need to create a journal entry. I recommend consulting with your accountant for guidance on recording your transactions, particularly in choosing the correct accounts and ensuring the accuracy of your books. If you don’t have an accountant, you can visit our ProAdvisor page to find one.
Here's how:
- Go to the Company menu and select Make General Journal Entries.
- Fill out the fields to create your journal entry. Make sure your debits equal your credits when you’re done.
- Select Save or Save & Close.
Additionally, you can visit these helpful guides for running and customizing payroll and employee reports:
Please let me know if you need more help with handling your payroll transactions. I'm always here to assist you.
