How to properly enter employer matching 401k, and profit sharing contribution

Won RheeWon Rhee Member Posts: 1

Hello,

I'mlooking to make one time profit sharing contribution. I'm not surewhat "Category" I should file this transaction into.

Also should I add in "Benefits and Deductions" under Employees? Does that mean I have to enter in "Deduct from Pay"?

Any help would be greatly appreciated. Thanks

Comments

  • Abbas AliAbbas Ali Administrator Posts: 11 admin

    Hi Won,

    Regarding 401K, you can addBenefits and Deduction under Employee, determine the percentage to be deducted and keep it on for always. However this will be recorded as an expense and liability.

    On the other hand,for one time profit sharing contribution, yes you will add Benefits and Deductions under Employees and have to enter in Deduct from Pay.

    Thanks,

    Abbas Ali.

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