Payroll Deduction for 401(k) and general ledger

Great to have you in the Community space, Davis.

I appreciate you for sharing a screenshot with us. You'll want to add the 401(k) deduction to your employees' payroll. This way, it'll be ducted on their paycheck and will be visible in your general ledger. I'll show you how.

1. Go to the Payroll menu in your QuickBooks Online (QBO) account, then select Employees.
2. Select the employee's name, and click the Edit pencil icon next to Pay.
3. In the Does employee have any deductions? section, select + Add deductions.
4. Click the + Add deduction/contribution link, and choose Retirement plans from the Deduction/contribution type drop-down menu.
5. Select 401(k) from the Type drop-down menu.
6. Enter the needed details and click Save.

You can refer to these links for more details about the process:

• Add or edit a deduction or contribution
• Retirement plan deductions/contributions

Once you're all set, you might want to utilize this article for guidance in how to let your employees view their paychecks online: Invite your employees to QuickBooks Workforce to see pay stubs, W-2s and more.

You can count on me if you need more help with your payroll or QuickBooks. Just add the details in your reply and I'll take care of them for you. Have a good one!

Could you please update and resend the link to the retirement plan deductions/contributions?  When I clicked on the link provided, it said the page may have been deleted or outdated.

Thanks!

Peg Davis

Hi pdavis3437!

I can help you in setting up the 401(k) deduction.

Ideally, QuickBooks Online Payroll uses default accounts to track your payroll entries. However, you can set your own payroll preferences, too.

Let's first make sure to add the payroll deduction. Follow these simple steps:

1. Go to the Payroll menu and select Employees.
2. Select the employee's name, then Edit employee.
3. From the Does Employee have any deductions? section, click the + Add/edit deductions.
4. Click + Add deduction/contribution and follow the on-screen steps to add the 401(k).
5. Don't forget to save it by clicking Done or Save.

Once done, here's how to track the payroll entries to the correct accounts.

1. Go to the Gear icon and select Payroll settings.
2. Click the Accounting under Preferences.
3. Change the account for the 401(k).
4. Tap OK to save it.

In addition, I checked the link shared by my colleague and it's working now. Kindly click it again or refresh your browser.

I also added this link if you need help in running payroll reports: Run payroll reports.

Comment again below if you need anything else about payroll. Take care!