Good day, GBuyalos.
We must create a new payroll item with the total of regular and catch-up contributions and use that item to accommodate your 50+ groups in QuickBooks Desktop.
Below are the steps to complete the process:
- Click Lists at the top menu bar, then Payroll Item List.
- Select Payroll Item ▼ dropdown, then New.
- Tap Custom Setup, then Next.
- Select Deduction or Company Contribution, then Next. Enter the name of the deduction or company matching item, then select Next.
- Select the name of your retirement plan provider, or add it, and enter the account number. In the Liability account field, select the account that tracks the deduction or contribution to be paid. Select Next.
- For company match items, in the Expense account field, select the account that you want to track the item. Select Next.
- In the Tax Tracking Type window, select the applicable retirement plan. Select Next twice.
- Under Calculate based on quantity, select Neither and select Next.
- Leave Default Rate and Limit fields blank. You can add the rate and limit when you add the item to the employee profile
- Hit Finish.
If you need assistance assigning this item to your employee's profile, please see this article for detailed instructions: Set up a retirement plan. Details on how to ensure the items are reflected on their paychecks can be found at the same link.
If you have any further concerns or questions about setting up your Simple IRA deductions, please leave a comment below. I'm always happy to assist in any way I can.
