I used the term "owner" because the shareholder-employee of the S-Corp is also the ONLY shareholder, as well as the ONLY employee of the S-Corp. Therefore, this shareholder has 100% ownership, which is usually what the term owner means. So the SEP account does belong to the shareholder-employee, who has 100% ownership of the company. This year, he chose to do a 100% employer contribution to the SEP, which cannot be run through payroll on QuickBooks Online Payroll, because that is only set up for a SARSEP which is not the same thing as a SEP for tax purposes. SARSEP accounts cannot be established after 1998. Since the same person is the onIy shareholder and the only employee, there was no employee matching of the employer contribution. I can certainly reverse the journal entry I used to establish the tracking account of type bank for the SEP, which matches the liability for the SEP that still remains on the books indicating that the SEP does not belong to the business but to the employee. Technically there is no other liability, since it has been sent to the brokerage already by the 100% shareholder-employee. The expense for retirement plan has already been recorded against the bank account.