Thanks for reaching out to the Community, thetaxlady.
QuickBooks is a diary of your business that keeps track of what’s happening to the transactions. The process to track the contribution in your company file depends on how the payroll service recorded it on their end.
To ensure the information in the company file is correct, I suggest contacting your payroll processor for further information. Check with them how they account for the contribution, so we can guide you on how to input it in QuickBooks.
You can bookmark the following article for future reference. It contains resources that will help you efficiently perform any processes in QuickBooks. It includes topics for payroll, banking activities, inventory, customer and supplier transactions, etc: Self-help guide.
Feel free to visit the Community again if you have additional questions or concerns. I’ll be right here to answer them for you. Wishing your business continued success.
I have contacted the payroll provider and they took the employee contribution and the company match directly out of the business bank account and deposited the funds into the IRA account that was set up for him bypassing the pretax deduction from salary and employer liability typically found on the payroll detail report.
Yes, there is a process on how we can add the simple IRA in QuickBooks.
A simple IRA or 401 (k) plan is a tax retirement account offered by the employer to their employee. It is a salary reduction contribution made to a retirement savings plan. The employee can get that fund after their retirement.
Here's how to set up 401(k)/ Simple IRA:
Log in to QuickBooks Desktop, click Employees and select Employee Center.
Double-click the employee.
Select the Payroll Info tab.
In the Additions, Deductions, and Company Contributions section, click under Item Name to add an item.
Then select add new.
Put a checkmark on the Employee is covered by a qualified pension plan, if the employee participates in a 401(k), 403(b), 408(k)(6) SEP, or SIMPLE IRA plan.
You can contact our payroll support team, so we can help you how to set up the payroll items in QuickBooks.
I've also included these articles for additional help: