cancel
Showing results for 
Search instead for 
Did you mean: 

Reply to message

View discussion in a popup

Replying to:
Level 2

Which number of 401K should be booked in PL?

Regarding the payroll booking in quickbooks online plus, if I am not wrong, the number of gross pay, employer taxes and employer 401K contribution should be booked as part of the payroll expenses showing in PL. However, the number as 401K expenses booked in our PL is the total number of employee's contribution and employer's contribution. Since the number of employee's 401K is deducted from the gross pay same as the IRS and State taxes, the only number booked as the expnses in PL should be the portion of employer's contribution. If it is not correct, I appreciate if you can explain me about it showing the details of DrCr accounts. Thank you in advance!
Solved

Need to get in touch?

Contact us