Let's ensure you're able to enter the lump sum contribution in QuickBooks Online (QBO), DPARENT.
To record the contribution, we can create a journal entry within QBO. However, this entry will not be reflected in the W2 form. To address this issue, I recommend reaching out to our Customer Support Team. They can securely access your account and assist in entering the contribution correctly.
Here's how:
Click Help on the top right corner of the screen.
Go to the Search tab, then click the Contact Us button.
Enter a brief description of your concern in the description box.
Proceed with Continue, then choose Chat or Callback.
If I add a 401K Deduction onto Quickbooks Payroll does Quickbooks take that money out and send it to my 401K provider or Do i manually send it in to them ? Also I am opening up a SOLO 401K which Quickbooks apparently doesn't support but I am assuming I can just clasify the deduction as a 401K contribution. Is this correct ?
QuickBooks Online (QBO) does not automatically transfer your funds to your 401K provider. You'll have to initiate the transfer manually.
Furthermore, yes, you do have the option to select the nearest 401K plan. I would also recommend consulting with your accountant for assistance during this procedure.
I'm adding these articles that you can read to learn more about 401k and how to efficiently run your payroll: