Thanks for choosing QuickBooks Online for your business, @JThouron. Glad to know you've already set up the employee accounts to deduct from payroll.
You can pay your employee's SIMPLE IRA contribution directly to their financial institution. Then, record the payment you've made in QuickBooks by creating a journal entry. Here's how:
- Select the + New menu, then select Journal entry.
- Select an account from the Account field on the first line, then enter the amount in the correct column.
- On the next line, select the other account you're moving money to or from, then enter the amount in the correct column.
- Ensure that you have the same amount in the Credit column on one line and the Debit column on the other. This means the accounts are in balance.
- Enter information in the memo section so you know why you made the journal entry, then select Save and close.
Please know that journal entries require an understanding of debits and credits. I'd recommend reaching out to your accountant if you have specific questions about your Chart of Accounts. You can also find a ProAdvisor if you don't have one yet.
For more insights, read through this article to learn about retirement plan deductions/contributions in QuickBooks.
Visit again if you have additional concerns. I'd be here to be your guide.
