Hello there, @MH21.
I'm here to share some information on what are the right things to do for your employees' paycheck and ensure that the IRA liability account is correct.
You may void or delete the paycheck that was generated and create a new one that contains the appropriate data. This way, the IRA liability account and employee's year to date contribution amount will be accurate.
To do that:
- Click on Workers at the left pane.
- Hit on Employees.
- Select the employee's name.
- Press on Paycheck List.
- Change the date range if necessary. Then select the pay checks you want to delete.
- Confirm if the check has been cashed.
- If no, select No then Continue. Manual pay checks will be deleted. And direct deposit checks will be voided. If yes, select Yes then Continue. Both manual and direct deposit checks will be voided.
- Mark the check-mark box to confirm action.
- Hit on Void Paycheck.
To give you complete details about this procedure, please see this link: Learn how to delete or void pay checks in Online Payroll.
If the paycheck has been cashed already, you may have an internal agreement with your employee regarding the reimbursement process of the deduction.
However, if you need assistance with these steps as well as with verifying your retirement plan deductions and contributions, you can contact our Customer Care Team. They have the tools that can guide you in fixing this matter.
To add up, I've got here some articles that you can visit about reimbursing an employee's expense and modifying IRA deduction or contribution in QuickBooks Online, in case you need them in the future:
Let me know if you have any other questions or concerns. I'll be right here to assist you further. Have a lovely day!
