Pay Payroll Deductions (HSA, SIMPLE IRA)

I can show you how to manage your payroll preferences, asdf a.

Once you’ve added the deduction to your employee’s profile, QBO automatically calculates it when running payroll for that employee. The amount will also be shown on the account you choose on where the payroll transactions will be posted. Let me show you where to look into it. 

If you have payroll basic or enhanced, here's how you can manage your posting payroll accounts. 

1. Click Gear icon at the upper-right and select Payroll settings.
2. Under the Company and Account column, click Accounting.
3. Select and map the correct accounts. 
4. Click OK.

Payroll Core on the other hand, you can use these steps:

1. Go to the Gear icon and select Payroll settings.
2. Scroll down to the payroll settings page until you see the Accounting section.
3. Click the pencil icon to edit.
4. Select QuickBooks Online and then start mapping your accounts. 
5. Click Done.

The updates will take effect on your future payroll transactions.

You might also want to check this link to learn more about setting up Simple IRA in QBO: Set up a payroll item for retirement benefits (401(K), Simple IRA, etc.).

Let me know if you need further assistance running payrolls in your QBO account. I’ll be glad to lend a hand. Keep safe always!

I have the accounts mapped out already, I just need to pay the owed amount in the liability accounts to the employees financial instution. Will I need to set up the employees as a vendor also? 

Allow me to share a few information about payroll deductions and guide you on what to do, asdf a.

A deduction is an amount paid by an employee and deducted from each paycheck. A contribution is paid by the employer and often counts as additional pay or wages. When using QuickBooks Online Payroll (QBOP), you don't have to set up employees as vendors. You'll have to set up a new deduction item for employees. To do this, follow the steps below:

1. Select Employees.
2. Select the employee's name.
3. Select Edit ✎ next to Pay.
4. In section 5, select + Add a new deduction or + Add deductions.
5. From the Deductions/contributions ▼ dropdown menu, choose New deduction/contribution.
6. Choose a Deduction type and Type from the small arrow ▼ icon.
7. Enter Provider name(appears on paycheck).
8. From the Amount per pay period ▼icon, choose $ amount or % of gross pay and enter the $ amount or percentage. Do the same for the Company-paid contribution as applicable.
9. Select OK, then Done.

Then, add the same deduction you've set up for an employee to other employees by assigning it to them. Here's how:

1. Select Employees.
2. Select an employee from the list.
3. Select Edit ✎ next to Pay.
4. In section 5, select + Add a new deduction or + Add deductions.
5. From the Deductions/contributions ▼ dropdown menu, select the existing deduction you want to assign for your employee.
6. From the Amount per pay period ▼icon, choose $ amount or % of gross pay and enter the $ amount or percentage. Do the same for the Company-paid contribution as applicable.
7. Select OK, then Done.

For more information on how to set up these deductions and understand deduction guidelines, check out this article for your reference: Set Up Voluntary Deductions In Online Payroll. Additionally, there are several reports that you can use to view useful information about your business and employees. I've added this article for you to be guided: Run Payroll Reports.

Fill me in if you have any concerns about payroll deductions. As always, the Community is always here to help 24/7.

Thanks for the info, I have already set them up with deductions so it is being taken out of their paychecks and put into a liability account. My issue is that I cant seem to figure out how to pay these funds to their financial instution. 

I'm here to help you pay the HSA and SIMPLE IRA, asdf a.

In QuickBooks, we don't send employee withdrawn funds or company contributions to plan providers. You need to manually deposit the contribution to the HSA and Simple IRA providers.

For more details about this, here's a list of links you can use.

• Set up Health Savings Account (HSA) plans
• Learn about retirement plan deductions and contributions in Online Payroll.

Please don't hesitate to leave a comment below if you have additional questions about paying deductions. It's always my pleasure to help you.

You can use Bill Pay. Click on the Gear, Recurring Transactions. Complete the form and save template.

The transaction(s) will need to be manually scheduled by selecting Expenses on the main menu and Schedule Payment in the edit column of the Bill. By clicking on View Online Payment, you will find a listing of your Online Bill Payments.

Lynneb99 is correct @asdf a.

Entering and paying a bill for those liabilities will keep things in order. You can either pay them electronically or print and mail a check.

I’ll leave you this detailed guide on entering bills: Enter bill and record bill payments in QuickBooks Online

It contains great information including a short video. I know I’m a visual learner so I love video tutorials.

Please don’t hesitate to circle back with any additional questions. We’re happy to help anytime and want to be sure you’ve received the information you need.

Take Care!

do you put the percentage/dollar amount in as a negative or a positive  ie employee Simple IRA 3.0% or -3.0% company match as 3.0 or -3.0 

Having you join the Community thread is greatly appreciated, M32426lov. Thanks for getting in touch with us. 

QuickBooks can accommodate a variety of retirement plan options. You don't need to enter a -3%, but rather 3% because the Simple IRA is already configured in your QuickBooks Online to deduct money from employees' paychecks.

I've included the following articles for your reference in managing retirement plans in QuickBooks Online: 

• Set up a retirement plan
• Understand retirement plan contribution limits

Please feel free to visit us again if you have further clarification. I'm always here to help you. Have a great day ahead, M32426lov.