Where to put 401k when entering past paychecks in payroll setup

Al Borland · ‎February 15, 2022

I'm setting up Payroll and adding the paychecks from previous payments in the year. There's a place to enter the gross pay, taxes, and deductions. Where do I enter in the money deducted for 401k? I don't see it in deductions or a way to add it. Thank you

GlinetteC · ‎February 15, 2022

I can help you with that, Al Borland.

You can create a payroll item for 401k, then enter that item to record a YTD payroll in QuickBooks Desktop.

To enter a payroll item:

Go to the Lists menu.
Select the Payroll Item List.
Click the Payroll Item button and select New.
Select the Custom Setup option button and then Next.
Choose the Addition item type and simply select Next.
Choose the Wage and then move forward with displayed guidelines
After this, you need to add the Payroll item list and click on the Next button
Enter the name of the list of the item and click on the Next button
Select the expense account that you need to list of item to track
Click on the Finish button, and you are all done with this program.

Once done, you can add that item you've created in entering YTD payroll. You can refer to this article for the detailed steps: Enter historical tax payments in Desktop payroll.

Please let me know if you have any additional questions. I'll be right here to help.

View solution in original post

GlinetteC · ‎February 15, 2022

I can help you with that, Al Borland.

You can create a payroll item for 401k, then enter that item to record a YTD payroll in QuickBooks Desktop.

To enter a payroll item:

Go to the Lists menu.
Select the Payroll Item List.
Click the Payroll Item button and select New.
Select the Custom Setup option button and then Next.
Choose the Addition item type and simply select Next.
Choose the Wage and then move forward with displayed guidelines
After this, you need to add the Payroll item list and click on the Next button
Enter the name of the list of the item and click on the Next button
Select the expense account that you need to list of item to track
Click on the Finish button, and you are all done with this program.

Once done, you can add that item you've created in entering YTD payroll. You can refer to this article for the detailed steps: Enter historical tax payments in Desktop payroll.

Please let me know if you have any additional questions. I'll be right here to help.

Al Borland · ‎February 16, 2022

In Add new payroll item > EZ Setup > Retirement Benefits,

I see 401k, Roth 401k, Simple IRA, but I do not see Roth IRA. Where might I find this? Thanks

LollyNino_C · ‎February 16, 2022

Hello there, @Al Borland.

I appreciate you getting back to me with this information.

If you're using the desktop version of QuickBooks, the steps provided above by my colleague GlinetteC are how you can set up through Custom Setup to allow editing of all settings.

When selecting the Tax tracking type, choose None, the Simple IRA Co. Match will not report to any forms. Thus, I recommend consulting your accountant to verify if it's the right thing to do.

For more detailed instructions with setting up a payroll item in QuickBooks Desktop, you can refer back to this article: Set up a payroll item for retirement benefits (401(K), Simple IRA, etc.).

Additionally, you check out this article on how to set up and pay scheduled or custom (unscheduled) liabilities.

Let me know if you have any follow-up questions about the retirement plan or other payroll concerns. I'm here to help you out. Take care and stay safe!

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Where to put 401k when entering past paychecks in payroll setup