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Buy nowI have a similar situation with a Simple IRA. Please see below. Thank you.
I'm a 1 person S-Corp where I am the single employee. I just transferred from QB Desktop to QB Online.
Both my Employee & Employer Simple IRA contributions are falling under my Payroll Expense Retirement Account. I'm not sure if this is correct.
As an example, each month the Company Contribution or employer contribution is $60 while the employee contribution or deduction is $1,041.66 for a total of $1.101.66. I think something is wrong with my payroll setup, what account should the employee contribution / deduction fall under? It seems it's going to Payroll Liabilities. The Total $1,101.66 transaction each month is initiated from Vanguard.
Greatly appreciate it. As a small business owner who some years makes less than $50k I love to learn. Thanks.