Hello - I use QuickBooks online. In addition, we recently added QuickBooks Payroll to do our payroll as well.
The challenge I have is that all payroll expenses already report into QuickBooks Online but then, because we have a 401k plan set up as well, we will get a bank transaction that shows money coming out of our business checking account to cover the employer 401k contribution plus the employee's elected 401k deferral amount.
If I categorize these 401k transactions in QuickBooks, our company expenses are double counted. So I believe I need to exclude those bank transactions and not categorize them. However, if I exclude them, then I am not able to complete the bank reconciliation that shows those transactions occurred. Any recommendations on how to handle this. Your help is greatly appreciated!
