Welcome to the Community. I'm here to lend a hand with recording bank transactions for IRA contributions in QB Online.
You will need to create a payment for the SIMPLE IRA from the Check screen. Here's how:
- Click the Plus icon.
- Select Check.
- Choose the account used for paying liabilities on the Bank Account drop down box.
- Select the account that you're using for tracking the liability payments in the Account details section.
- Enter the amount of the payment.
- Should you have sub-accounts for each agency that's being paid, ensure that the specific amount and accounts are entered for the agency.
- Finish filling out the check as normal and press Save.
If you're unsure of which account(s) to select, you can check the liability preferences with these steps:
- Select the Gear icon.
- Click Payroll Settings.
- Select Accounting under Preferences.
- You will see the current liability preferences under the Tax Liability Accounts.
The following articles contain additional information on this:
I'm only a post away if you should have any questions about payroll deductions or anything else QuickBooks related.. Have a lovely day.