QuickBooks Team

Taxes

Hello branholm,

 

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:

 

  1. Click the Plus icon.
  2. Select Check.
  3. Choose the account used for paying liabilities on the Bank Account drop down box.
  4. Select the account that you're using for tracking the liability payments in the Account details section.
  5. Enter the amount of the payment. 
  6. Should you have sub-accounts for each agency that's being paid, ensure that the specific amount and accounts are entered for the agency. 
  7. 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:

 

  1. Select the Gear icon.
  2. Click Payroll Settings
  3. Select Accounting under Preferences.
  4. 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.