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Posted by Allan Martin on August 3, 2007, 11:13 am
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>>
>>> Our company is an LLC with 3 members, 20 employees and a 401K plan with
>>> matching contributions.
>>>
>>> Our payroll service sends a report with the employee 401K deductions and
>>> the safe harbor match for the employees. I edit the data to add the
>>> member deductions and match and then submit the information to the 401K
>>> plan for deduction from our accounts.
>>>
>>> I set up a 'current liabilities' account with two sub-accounts for
>>> 'payroll deductions' and 'company match'. I've tried to enter the data
>>> from the payroll services report as a BILL for the 401K plan, to be paid
>>> each time I upload the contribution data.
>>>
>>> Problem is, the Bill shows as a DECREASE in the liabilities account, and
>>> when I Pay the bill, the vendor account is zeroed, but the liabilities
>>> account is unchanged.
>>>
>>> I've thought of using journal entries, but I am not sure what the
>>> 'balancing' account would be (payroll liabilities?). And, I need to be
>>> able to have the amount show up as an EFT transfer from my checking
>>> account.
>>>
>>> Surely setting up 401K entries in QuickBooks is a common enough task. I
>>> cannot, however, find any information in the helpfile.
>>>
>>> Any advice would be most welcome.
>>
>>
>> Don't just think about journal enties, learn to live them and love them.
>>
>>
> So, journal entries is the way to go? Can you give me an example?
Call your accountant and ask them how to journalize your payroll from the
reports given to you by your payroll service.
>
>
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