401k retirement plan contributions and deductions

Thanks for the detailed information about your concern, @conceptionschildrensresale. 

A 401(k) is a qualified plan established by employers to which eligible employees may make salary deferral (salary reduction) contributions on a post or pre-tax basis. 

Let's ensure you match the ones you record on the payroll side. If not, you can simply exclude them. To do this, here's how:

1. Go to Bookkeeping, and choose Transactions.
2. Select Banking (Take me there).
3. Click the For Review tab.
4. Choose the checkbox of the transactions to exclude.
5. Click Exclude.

I'm also adding this article that includes the instructions and details on setting up benefits using both EZ and Custom Setup in QuickBooks Desktop: Set up a payroll item for retirement benefits (401(K), Simple IRA, etc.).

Feel at ease to comment down below if you have other questions about 401k retirement plan contributions and deductions. I'll be around to lend a helping hand. Stay safe!

No, I don't want to exclude any transactions, because then my books will be off and I won't be able to reconcile my business checking.

Hello there, @conceptionschildrensresale.

I can see the urgency of getting your issue resolved. Let me route you to the best support who can help you in categorizing your 401K retirement plan contributions and deductions in QuickBooks Online (QBO) to keep your financial data accurate.

Yes, you're correct that excluding any of your transactions may cause your books to be off-balanced, and it'll be harder for you to reconcile your business checking account. With this, to help you choose the appropriate accounts for your 401K (ADP) payments, I would encourage you to consult your accountant. They can provide expert advice and direction tailored to your business needs.

In case you already have an accountant, and then you want to add them to your QBO account, here's how:

1. Sign in to QuickBooks Online as a primary admin.
2. Go to Settings or Gear ⚙ icon and select Manage users.
3. Select the Accounting firms tab.
4. Click Invite.
5. Enter your accountant's info and select Save.

Once everything is all set, I would encourage you to reconcile your accounts every month. Doing so will help you monitor your income and expense transactions and detect any possible errors accordingly. For the step-by-step guide, please see this article: Reconcile an account in QuickBooks Online.

You may also want to visit one of our Help pages as your reference in managing your QuickBooks account and your business's growth and transactions using QBO: QuickBooks Help and Support. It includes QuickBooks Help articles, Community discussions, and video tutorials, to name a few.

If there's anything else you need, or you have other questions about managing payroll and 401K transactions in QBO, I'm always ready to help. Take care, and I wish you continued success, @conceptionschildrensresale.

Hi - did you ever get this resolved? I'm having the same issue.

I highly appreciate you for lending your voice and enriching our Community discussions, @Lookingforanswers3. No worries, I've got the steps to help you seamlessly implement these updated contribution limits. Let's walk through this together and ensure your retirement plan settings are aligned precisely.

Beforehand, I'd like to gather more information about the issue you've encountered. Could you specify if you also want to categorize the ADP payments related to a 401k Simple Retirement plan for your employees? Or would you like to add the new 401(k) retirement plan using your QuickBooks Online (QBO) account? Any additional context you can offer will give me a better understanding of the issue and find the best solution for you.

To locate and add a new retirement plan, you can do so by following these steps:

1. On the left navigational panel, look for the Payroll tab.
2. Select Benefits.
3. From there, choose the 401(k) retirement plan.

On the other hand, if you are considering the proper categorization of ADP payments for your employees, it is best to consult an accountant. If you don't have one, you can use our Find-an-Accountant tool to look for an expert near you.

Additionally, I've included an article you can always browse just in case you want to learn how to set up company-paid contributions to an employee's retirement or health insurance plan in QuickBooks Online Payroll: Set up and manage company contributions.

Lastly, to streamline your accounting practices and maintain impeccable financial records, I'd suggest exploring QuickBooks Live Bookkeeping. This service provides direct access to professional support tailored to fit the unique needs of your business, ensuring your financial data remains accurate and comprehensive. By delegating these essential tasks, you can reclaim valuable time, empowering you to concentrate more on the aspects of your business that drive growth and success.

Thank you for entrusting me with your query, @Lookingforanswers3. Please don't hesitate to reach out if you have any more questions about 401k retirement plan contributions or if there's anything else I can assist you with. I'm here to support you in any way I can. Wishing you continued success with your business endeavors!