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Hi, @rsteenbu52! It's important to get the entries right in QuickBooks Online (QBO) to ensure that everything is accurately tracked. Since you've already recorded the paycheck journal entries in QBO, I understand that you now need to record the payment to the 403(b) provider. I'd be glad to guide you through the process to ensure everything is recorded correctly.
Since the transfer from your account to the 403(b) provider should decrease the 403(b) payable liability account, it's a debit in the entry for the payable account and a credit in the account where the funds will be drawn from. You may also try finding a similar example in this article: Manually Enter Payroll Paychecks in QuickBooks Online.
We can only provide general guidance about recording it, and it's best to collaborate with an accountant or bookkeeper to determine the correct debit and credit lines or whether there are better ways to record this than a journal entry. Nevertheless, you can follow these steps:
- Go to +New in your QBO account.
- Select Journal entry.
- Choose the correct Journal date.
- Debit the liability account to decrease it, and Credit the account where the funds are drawn from.
- Enter a Description and select the employee from the Name drop-down list.
- Click on Save when done.
If you don't have an accountant yet, consider exploring our QuickBooks Live Expert Assisted team or our ProAdvisor website. They can assist you in determining the correct accounts for your payroll entries. Moreover, they can help with your payroll accounts and ensure everything is accurate.
Once you have recorded the entry, consider pulling up the Journal Report to review the debits and credits of every entry. You can refer to this article as a guide: Print a journal entry report in QuickBooks Online.
I hope these details help you get all set to enter those amounts accurately. If you have more questions in the meantime, whether about your 403(b) plan or anything else about QBO, feel free to click on the Reply button. Have a great day ahead!
