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setting up a new retirement plan in QuickBooks Desktop 2017

We're starting a simple IRA plan for our small office.  According to QB instructions, I am to set up 2 payroll items: one for employee deduction, one for company match (including corresponding expense account).  Which I did.

 

To create the liability check to pay the retirement plan administrator, if I click both liability accounts to affect, if I try to offset on the expense tab of the check, it multiplies the amount of the check.

 

Can someone tell me how to do this properly?  I've tried searching Intuit Learn & Support, which gives me the same info.  My CPA tells me I may not have needed to create a "company match" payroll item and simply expensed the company portion.  If that's the case, can I go into each paycheck I just issued and delete the company match line?

 

Google has been where I was able to get the most of my help--hoping to get some clarification in this Community.  Thanks.

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Best answer 12-14-2017

Accepted Solutions
Content Leader

Re: setting up a new retirement plan in QuickBooks Desktop 2017

Hey there beancounter,

 

I appreciate you getting back to me with this information.

 

In this case, the employee contribution added to the company match would be equal to the retirement expense. There wouldn't be a need to enter the monthly bill from the investment firm.

 

In the article, if you click on  "To set up a retirement plan company contribution item using Custom Setup:", step #7 allows you to choose the desired expense account for these funds.

 

Please don't hesitate to contact me if you need anything else.

5 Comments
Content Leader

Re: setting up a new retirement plan in QuickBooks Desktop 2017

Hey there vitabooks,

 

Welcome to the Community! I'd like to help point you in the right direction concerning retirement setup for your company.

 

I found an article for you that may explain an easier option for setup. I know you've been doing a lot of research but hopefully this is a new alternative. You can check it out here: https://community.intuit.com/articles/1437364.

 

Regarding the check amount being multiplied, I would suggest calling in to speak with an agent. A phone agent could do a screen share with you and has the necessary tools to help locate what is throwing those numbers off. Desktop phone support can be reached at https://help.quickbooks.intuit.com/en_US/contact.

 

Please let me know if you have any other questions.

Not applicable

Re: setting up a new retirement plan in QuickBooks Desktop 2017

Thanks, Morgan. 

 

The article you linked to your reply is one of the articles I read and bookmarked, but it doesn’t really answer what to do with the company share of liabilities and how to post the payment to the expenses when the monthly bill comes in.  I already set up both payroll items--employee share and company match—and tied them to the liabilities payable account, as instructed in the article.  Typically, when paying payroll taxes or insurance liabilities, I do not have to do any journal entries to offset the liablity account, but that seems to be the only thing I can do in order to use both payroll items in this situation.

 

A + B = C,  

"A" being the employee contribution (liability payable)

"B"  being the company match (liability payable)

"C"  being the monthly bill from the investment firm

 

"D"  would be the “retirement expense” account – where does it come into play

 

Thanks again.

Content Leader

Re: setting up a new retirement plan in QuickBooks Desktop 2017

Hey there beancounter,

 

I appreciate you getting back to me with this information.

 

In this case, the employee contribution added to the company match would be equal to the retirement expense. There wouldn't be a need to enter the monthly bill from the investment firm.

 

In the article, if you click on  "To set up a retirement plan company contribution item using Custom Setup:", step #7 allows you to choose the desired expense account for these funds.

 

Please don't hesitate to contact me if you need anything else.

Not applicable

Re: setting up a new retirement plan in QuickBooks Desktop 2017

How do I find this article you refer to so I can follow step 7?

Content Leader

Re: setting up a new retirement plan in QuickBooks Desktop 2017

Hello, Pethealth77.

 

Thanks for joining in on this thread. I'll show you where to find the link.

 

This is the help article I was referring to: https://community.intuit.com/articles/1763392-set-up-a-payroll-item-for-retirement-benefits-401-k-si.... Here you'll find step #7 to choose the expense account for retirement company contributions.

 

You know where to find me if you have any other questions. Take care.

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