Thank you for joining this thread, Kcroyaljosh.
I recognize your concern regarding taking an S-corp distribution through QuickBooks payroll. Allow me to provide you with guidance on how to address this matter.
We'll have to set up an addition item to track the distribution. To ensure the accuracy of your payroll records, I recommend consulting with an accountant for further assistance. They can recommend which specific paytype to use. When you have the information handy, follow these easy steps to set up the payroll item:
- In your company, head to the Payroll menu on the left panel and choose Employees.
- This action will direct you to the Payroll page.
- From the list of your workers' names, click on the one you're working on to view more details.
- In the Profile tab, go to the Deductions & contributions section and press the Edit link.
- On the What deductions, contributions, or garnishments does __ have? press the Add deduction/contribution link.
- Choose the appropriate payroll item from the Deduction/contribution drop-down.
- Fill in the fields with the correct information.
- Tap the Save button once done.
Here are a few resources that provide insights on how to effectively track fringe benefits on your employees' paychecks and maintain records of S corporation medical insurance:
In addition, these links will guide you how to handle various retirement plans and prepare for the upcoming year-end tasks:
Reach out to me again if you have additional questions or concerns about tracking S Corp in QBO. I'm always ready to respond to them. Enjoy the rest of the day, Kcroyaljosh.
