I've trying to do my own research on a similar issue and wondering if you could give me more insight on your process to resolve your issue. We have 401Ks(traditional and Roth) and company contributions. I believe these deductions are set up correctly meaning they appear on the paystubs and are listed under payroll liabilities on the balance sheet. We have an outsourced investment company that I provide all the contributions and payment is provided via ACH. What do I do when I import that bank transaction? I have been just creating an expense which doesn't seem right. Do I need to match it to the payroll liabilities? How do I do that? Any insight you can provide will be greatly appreciated.
@bbricoli wrote:
OK - I FOUND THE SOLUTION. After all the calls with QBO and Guideline - I finally have this resolved.
There is actually a liability account for the 401ks (roth and traditional). It was there. It was automatically created when Guideline integrated with our payroll. So all you have to do is reduce the liability when Guideline withdraws the money from your account. I did have help on the third call with Jack at QBO - great advisor - who found the liability accounts for me. Then I was able to take it from there. It's so simple I am embarrassed. Hope this helps someone else if they are going down this rabbit hole. Guideline and QBO should be able to tell clients that a liability account has been created. It should not have taken so many calls.
