Level 2

Recording Bank Transactions for IRA Contributions

We recently began offering our employees SIMPLE IRAs and as a result have begun making contributions on their behalf and matching their own during each payroll. The problem I'm now having is after payday, a transaction comes through from our bank (Wells Fargo) which is the combined total that the company contributed to their plans as well as the amount that our employees chose to withhold and contribute themselves.

 

While the bank transactions for Direct Deposit paychecks are matching through transactions created by QB, I'm not able to matching this IRA transaction and I'm not sure where to record it since it is both a Company expense but also includes a portion of employee paychecks withheld.

 

We are using QB online and QB payroll.