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How to Set up 401k Loan payments In Quickbooks

Adding Deduction Codes
  1. Log into Quickbooks
  2. Navigate to the employee's profile
  3. At the bottom of the page click edit in the Deductions and Contributions section
  4. Select Add deduction/contribution
  5. Select Other Deductions
  6. Select Type Loan Payment
  7. Label it with the name 401k Loan Payment
  8. Add the dollar amount needed for the payment, or if this is a code being built for future use, assign it using a placeholder amount of $1
  9. Save! If this was a future use code, you can then delete it from the employees profile to avoid future calculations

    Please repeat this process for as many loan payments are needed/allowed per your 401k plan

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