QuickBooks Payroll is a very significant feature of QuickBooks accounting software. It allows you to create Payroll, calculate taxes and perform many more things. Business owners have benefitted a lot due to the advanced feature of QuickBooks.It is one stop solution for all the accounting needs of their business. QuickBooks Payroll gives you the facility of setting up payroll item for a retirement benefit. Here in this article, we are going to discuss to setup the QuickBooks Payroll 401k for retirement benefits. For more information, you can get in touch with QuickBooks Support Phone Number +1888-380-2717 to talk to our technical experts.

How To Set Up Payroll Item For Retirement Benefit 401(k)?

There are two ways by which you can set Up Payroll Item For Retirement Benefit:

Method 1: EZ Set up

  • Open QuickBooks and then select List > Payroll Item List
  • Click on Payroll Item and then choose New.
  • Choose EZ setup and click Next.
  • Follow the instruction on the screen to create Payroll Item.
  • Once the payroll item is created then verify the information and edit if required.

Remember: For retirement plans, EZ Setup automatically adds the company contribution payroll item.

Method 2: Custom Set up

  • Open Custom Setup
    • Open QuickBooks and then select List > Payroll Item List
    • Click on Payroll Item and then choose New.
    • Choose Custom Setup.
  • Select Deduction and click Next.
  • Type the item name in Enter name for deduction box and then Click Next.
  • Choose the Liability Account used for the deduction in the Liability account and then click Next.
  • Choose the tax type of your plan in the Tax Tracking Type Window and then click Next.
  • Mark the item in the Payroll Item Column which will be calculated after deduction and then click Next.
  • From the Calculate Based on Quantity window, select Neither and click Next.
  • If Gross  vs Net window appears:
    • Choose Gross: if the deduction amount is a percentage of the employees gross earning
    • Choose Net: If the deduction amount is in fixed dollar then choose Net
  • Select Next
  • If the deduction amount is the same for all the employees then enter the amount at the top of the Limit Type window.
  • Click Finish.

How To Add The New Payroll Items To The Employee Record:

  • Open QuickBooks >Employees > Employees Center
  • Double click on the Employee tab to open Edit Employee
  • Click on Payroll info Tab
  • In the Additions, Deductions and Company Contributions section:
    • Click Item Name
    • Select New Payroll items for retirement.
  • Mark the box for Employee is covered by a qualified pension plan, if the employee participates in a 401(k), 403(b), 408(k)(6) SEP, or SIMPLE IRA plan.
  • Click Ok.

Repeat the process for the employee.

Technical Help For Setting Up Payroll Items

While performing the above steps, if you need any type of technical support then you can contact QuickBooks Payroll Tech Support Number  +1888-380-2717 where our experts will listen to your issues in detail and provide you instant resolution. You can call us anytime time round the clock to get your QuickBooks issues resolved. You can also contact QuickBooks Chat Support for step by step guidance.

QuickBooks Support Phone Number

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