I understand the importance of accurately managing and setting up company contributions, accounting 649. I am here to provide insights and more information on this below.
Please know QuickBooks allows you to set up various retirement plans. However, creating a Roth IRA in the application is currently unavailable. You can refer to this article for the available company contributions that you can generate in QuickBooks Online (QBO) Payroll.
I also suggest submitting feedback regarding the ability to set up a Roth IRA in QuickBooks to manage the retirement plan you need. The recommendations are sent to our engineer for consideration in future updates.
Submit feedback for QuickBooks Online:
- Go to Settings.
- Choose Feedback.
- Enter your comments or suggestions, and then click Next to submit.
Consider consulting your accountant about setting up a payroll deduction item and selecting the appropriate tax-tracking type. I've included this article as a guide: Set up or change a retirement plan.
Additionally, run a company contribution report to track your company-paid contribution. For more details, you can freely review this article: Run payroll reports.
Furthermore, please check out our QuickBooks Live Expert Assisted team if you need further help identifying the report you can generate depending on your business needs. They can also assist you in understanding how each of them works and the data it contains.
As always, you can visit our Community Forum if you have any queries or questions about managing your company contribution in QuickBooks. You can circle us back by hitting the Reply button or tag us along with your post, and I will offer a helping hand.
