No, this is not part of what got stated:

"So the account is still held by the owner of the business, because the employee and owner are the same person.  So basically you are telling me that I need to tell the business owner if he wants to know how much he put in his SEP later on he has to ask his brokerage?"

Think if this was Rent. You can always report on how much Rent has been paid out. But, you are the tenant, so you don't track anything other than the Outflow.

You don't have an Owner. You have a Shareholder, or Shareholder-Employee. You have Payroll reporting for employee contribution and employer match. You are not Tracking the SEP; you are tracking the Financial Activity as it impacts the Employer's accounting and reporting.

@lsengvong1

had this part Wrong: "When I open the "banking" SEP account (to increase the IRA fund), what tax-line mapping do I choose?"

It isn't the Employer's bank account. If my employer sends funds to my SEP, that is My Account, not my employer's.