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February 14, 2023
Question

How do I set up my personal IRA in QuickBooks online?

  • February 14, 2023
  • 1 reply
  • 0 views
I do not have employees. I track my personal expenses and my rental expenses in QB Online using classes to segregate reporting. I have several different IRAs and am currently tracking them outside the system. This causes substantial extra work and I would like to automate as much as possible.  

1 reply

February 14, 2023

Hello there, marthadesilets.

 

I'll share some information on what we have to track your personal IRA in QuickBooks.

 

Having the option to automate data entered outside QuickBooks can be a big help to finish the task seamlessly. However, this automated process is unavailable in QuickBooks. 

 

We can find a third-party application that helps you bring the data to QuickBooks Online. To find the right apps, we can visit our website. Here's how:

 

  1. Go to this link: QuickBooks Apps.
  2. You can select a specific category under the Categories section.
  3. Then, make sure to review the key benefits and FAQs.
  4. Once done, click the Get app now button.

 

The other way is to find an app within your QBO account:

 

  1. Go to the Apps menu.
  2. Look for the appropriate app through the Search by name or category field or using the Browse category button. 
  3. Click the app so you can check more details.

 

To manually record it in the program, we use this article for reference: Set up a retirement plan deduction or a company contribution in QuickBooks Online Payroll.

 

Also, there are some payroll reports we can run in QuickBooks. Let's visit this article to see the list of payroll reports. That way, you'll know what report you can run according to your needs: Run payroll reports in QuickBooks Online Payroll.

 

Visit anytime if you need more concerns about recording deductions and other data in QuickBooks. Take care and stay safe.