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karncie
Level 1

How to track a 401kloan payback. I have a loan payback from 401k account set up in payroll. How can I have it tracked on my Excel report in Employees and Payroll?

 
5 Comments
SarahannC
Moderator

How to track a 401kloan payback. I have a loan payback from 401k account set up in payroll. How can I have it tracked on my Excel report in Employees and Payroll?

Hello there, karncie.

 

This can be done through payroll processing. We can now proceed to add the repayment payroll item to the employee's profile since you're done setting up the 401k in payroll.

 

Doing this will automatically display and calculate the 401k when creating paychecks. These are the steps that will walk you through the process:

 

  1. Choose Employees from the main menu.
  2. Select Employee Center, and double-click the employee's name.
  3. Click the Payroll Info tab.
  4. In the Addition, Deduction and Company Contribution box, click the next available space under Item Name.
  5. Click the down arrow to display the list of payroll items and select the deduction item you created for the 401(K) loan repayment.
  6. Enter the repayment amount and click OK.
    sasa.PNG

Once done, it'll automatically show up in the payroll report. And now, you can export the payroll report to Excel if you wish to.
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Visit again if you have other questions. I'll be around to help.

karncie
Level 1

How to track a 401kloan payback. I have a loan payback from 401k account set up in payroll. How can I have it tracked on my Excel report in Employees and Payroll?

How can I get the loan payback amount to be tracked and show up on the Excel

Deferred Compensation Report (for 401(k)& more)?

I run a report after every payroll and use this form to upload it to the company we use for 401k contributions.

Adrian_A
Moderator

How to track a 401kloan payback. I have a loan payback from 401k account set up in payroll. How can I have it tracked on my Excel report in Employees and Payroll?

Thanks for getting back to us, karncie.

 

I can walk you through the steps on how to show the 401 (K) on the report. Here's how:

 

  1. From the Reports menu, select Employees & Payroll.
  2. Select More Payroll Reports in Excel.
  3. Select 401 (K) Reports.
  4. You'll be routed to an Excel file.

 

 

If you want to set up and pay scheduled or custom liabilities, you can check this article: Set up and pay scheduled or custom (unscheduled) liabilities.

 

If you have other concerns, please let us know. The QuickBooks Community team is up 24/7 to help you out.

karncie
Level 1

How to track a 401kloan payback. I have a loan payback from 401k account set up in payroll. How can I have it tracked on my Excel report in Employees and Payroll?

This still does not list my loan repayment on the report. I have a column for Loan Repayment that shows zero even though a payment has been made by my employee (through payroll) in repayment of a loan taken out our the 401(k).

Somehow, when I set up the loan repayment deduction, I must need to check something when setting it up to have it tracked and thus reported on the excel spreadsheet.

This is how I get to the report I need to use for my 401(k) upload:

Reports

Employees & Payroll

More Payroll Reports id Excel

Deferred Compensation Report (for 401(k) & More)

Kayla H
QuickBooks Team

How to track a 401kloan payback. I have a loan payback from 401k account set up in payroll. How can I have it tracked on my Excel report in Employees and Payroll?

Hello, @karncie.

 

I'm happy to assist you in any way that I can.

 

Let's check the 401k set up to ensure that there weren't any missed steps. 

Follow these steps to create a deduction payroll item for a 401(k) loan repayment:

 

  1. On the top toolbar choose ListPayroll Item List.
  2. Click the Payroll Item button and select New.
  3. Custom Setup and click Next
  4. Select Deduction and click Next.
  5. Enter a name for the item (for example, 401(K) Loan Repayment) to use on paychecks, then Next.
  6. Enter the name of the agency for the employee-paid liability and the account number for that agency. Pick Next.
  7. Click Tax Tracking Type and select None. Click Next, Next.
  8. Under Calculate based on Quantity, select Neither and then Next.
  9. Choose Net in Gross Vs Net and click Next.
  10. Under Limit Type, add limits if necessary.
  11. Click Finish.

 

After this item has been set up, you'll need to add the repayment payroll item to the employee profile. This will ensure that it shows in the report.

 

  1. From the top toolbar of QuickBooks Desktop, choose Employees, Employee Center, and double-click the employee's name.
  2. Select the Payroll Info tab.
  3. Pick the Deduction and Company Contribution box then click the next available space under Item Name. A down arrow will appear.
  4. Click the down arrow to display the list of payroll items and select the deduction item you created for the 401(K) loan repayment.
  5. Press Tab key to move to the amount column and enter the repayment amount per period and any limits.

 

QuickBooks Desktop will automatically display and calculate the 401(k) loan repayment item and amount specified in the Preview Paycheck window. If necessary, you may manually change the default amount on the paycheck detail. If you've entered a limit, QuickBooks Desktop will stop deducting when the limit is reached.

 

I'd also suggest setting up the Loan Manger in QuickBooks. This feature assists with keeping track of the 401k loans or any other employee loans. There is also the Payroll Summary report that has the information needed. 

 

If you have any further questions, I'm just a click away.

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