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when setting up SEP, what retirement plan do I categorize it as under deduction/contributions?
Hello, ashevillebev.
When setting up a deduction for a Retirement plan, the plan you select will automatically set up a company contribution item to be used if needed. You can categorized it as retirement plan under deduction/contribution type.
Here's how:
See this article for more detailed instruction: Retirement plan deductions/ contributions.
Also, check out this link here about the SEP-IRA plan for additional details. I’m sure you’ll find it helpful.
Keep posted if you have any other QuickBooks concerns besides the SEP-IRA contributions. We’ll be around to help you. Always take care.
Why doesn’t Quickbooks have an retirement account for a SEP IRA ? It’s not listed in the drop down menu. I need to add it to my S-Corp w-2. You can’t use the SARSEP for this. Which I was told by one of your rep’s. My accountant said is in correct.
thank you,
susan
Help is here, @Queenbee01.
QuickBooks Online doesn't have retirement account because it's an asset. We can set up another income account and call it Unrealized Gain/Loss. Here's how:
To make sure everything is accurate, I recommend working with your accountant or any knowledgeable financial specialist for expert advice on how to handle this type of situation.
Additionally, I'm adding this article to help you set up a retirement plan deduction or a company contribution in QuickBooks Online Payroll to track and tax it appropriately: Set up a retirement plan.
Please touch base with me here should you have any additional questions or concerns, I want to make sure you're taken care of. Thanks for dropping in and have a magnificent rest of your week.
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