I'm pleased to hear that your company is gradually expanding. Let me explain how contributions work in QuickBooks Online (QBO), Mas615.
Since you're not using payroll you can enter your contribution via check.
However, I recommend that you consult your accountant regarding the affected accounts to ensure your book's accuracy.
Also to max out the Simple IRA of your wife, you can create a zero net paycheck to put an entire paycheck into a retirement plan. To do so follow the steps below:
- Add an Other Earnings pay type to the employee's profile.
- Set the amount to 0 or leave the $ field blank.
- Rename it as Taxable offset. Or create your name.
- Set up a retirement plan deductions. Set the deduction amount to zero.
- Use the Gross up formula to determine the gross pay amount. Go to Payroll, then Employees.
- Select Run payroll. Choose an employee and pay period.
- Zero out the employee's regular pay or salary:
- Enter 0 for regular pay hours.
- Select the salary amount. Select Skip salary this time only then Apply.
For more details on the steps, you can check this article to zero net paycheck in QuickBooks: Create a zero net paycheck.
Additionally, you can also customize a report to get the information you need. Please check out these articles:
Feel free to comment back if you have other concerns or any related questions regarding Simple IRA. I'm here 24/7 to assist you.
