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Join nowWe use Gusto for payroll and Guideline for 401k, but do not offer matching yet. When Gusto runs payroll, it takes out the participant contribution and leaves that amount from their paychecks in our bank account. Then once the report/payroll is processed, Guideline pulls the participant money from our bank account. So it is employee money that is being held in our bank account, and that we are seeing as a deduction from the bank account, but it is not an expense on our end. Wondering what the best way to book is? Using QBO. Thanks!
Thanks for checking in with us, aubratidwell.
I can share some information on how you book the 401K employee contribution via QuickBooks Online.
The best way to books the 401K employee contribution in QuickBooks Online is through a journal entry. This way you can record your payroll transactions from the Gusto.
Here's how:
However, the assistance of an accountant is a must. Your accountant can help and guide on which account to debit and credit.
You can get more details in this article: Record payroll transactions manually.
Keep me posted if you have any other concerns or if you need more help with recording the employee's 401K contribution. I'm here to help.
I already book the payroll entries manually and match them to the totals in the bank feed. The 401k is not included in the totals, because it is the employee contribution.
Hey @aubratidwell,
You can create an expense and associate it to an account for your 401k. Let me provide some details.
Creating an expense may show as an expense in QuickBooks, but it'll denote as a payment to your employee's contribution.
For the account, I recommend reaching out to your accountant. This way, they can help you locate the account intended for your employees' 401k contribution.
Feel free to let me know if you have any other concerns. I'll be here to assist you.
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