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- How to Set up 401k Loan Payments in Quickbooks
How to Set up 401k Loan payments In Quickbooks
Adding Deduction Codes
- Log into Quickbooks
- Navigate to the employee's profile
- At the bottom of the page click edit in the Deductions and Contributions section
- Select Add deduction/contribution
- Select Other Deductions
- Select Type Loan Payment
- Label it with the name 401k Loan Payment
- 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
- 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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