Why a SEP IRA expense not appearing in Income Statement but appear in Balance Sheet?

How is your day, @jenny50?

Thank you for reaching out to us here on the Community page. I'm happy to share some about the SEP-IRA Contribution.

The contribution must be properly recorded in QuickBooks so it posts to the correct report. Usually, when recording SEP-IRA contributions in QuickBooks Online (QBO), you need to create an expense check and make sure to record the payments under the Other Current Liability. That said, it won't post to any of your income or expense report but will be displayed on your Balance Sheet.

To learn about deductions and contributions in QuickBooks, check out the details from these links:

• Add or edit a deduction or contribution
• Deductions and contributions

Thanks for allowing me to help. I'm here anytime to need further assistance with QuickBooks Online.