SEP IRA Contributions

Hi there, tonzbal.

You can categorize the SEP IRA contribution as a retirement plan. However, I'd still suggest reaching out to your accountant so they can guide you on the best account to use for the item.

Here's how to set it up:

1. From the Gear icon, select Payroll settings.
2. Click the edit (pencil) icon in the Accounting section.
3. Select Company Contribution Expense Accounts.
4. Enter the necessary details to set up the payroll item.
5. Hit Save.

I've also added this link to know the different retirement plan contribution limits: Understand retirement plan contribution limits.

I'll be around whenever you need assistance in managing your payroll items.

For some reason I don't see the "payroll settings" from the gear icon. I don't have payroll though since I am a single member LLC so I do not use payroll.