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Old 06-16-2017, 10:47 AM
lindapf lindapf is offline
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Join Date: Apr 2017
Posts: 4
Payroll Service and setting up 401k in QB

Our payroll is processed through PayChex, if they deduct 401k contributions from employee paychecks, how do I set this up in QBooks so that we pay employees & company share to the 401k plan. Since we have PayChex processing payroll we do not have Enhanced Payroll turned on in QBooks.
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Old 06-16-2017, 11:37 AM
Froid Froid is offline
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Join Date: Feb 2017
Location: Southern California
Posts: 134
Excel is your friend

We use an Excel spreadsheet that derives data from our payroll service reports. This spreadsheet then feeds into a journal entry that we enter into QB. (Actually, we operate with about twenty depts., resulting in a 250-line j/e. So we create an iif upload that posts it to QB in less than a minute.)

I explain in this detail, because the 401-k activity represents a small part of the equation. In the simplest sense, your j/e might look like the following:

Dr Wages 1000
Dr P/R tax 90
Cr Empl health ins deduction 70
Cr Empl 401k liability 50
Cr P/R liab (or P/R bank acct) 970

Our payroll service gives us a memo calc for the matching portion, which allows us to accrue the cost for each period. The liability gets settled every six months, with the true amount of funding coming from our administrator.

Dr 401k match 10 (20% match)
Cr Empl 401k liab 10

Apologies if I over-explained!
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