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forestofmercia
Jul 20, 2020 8:01 AM UTC
Solved

Quickbooks software is calculating my employee pension contributions at 4% even though it it set to 5%. How can I fix it?

When I rang Quickbooks I was told I cant change it and that I should just up my pension contribution % until I get the right price. I would need to set it at 6.25% in order to get the price of a 5% contribution. Surely thats not right??? How can I get it to calculate correctly?
payment after leavingAnswer
Jul 20, 2020 8:49 AM UTC

Hi forestofmercia The pension will probably be calculating at 4% due to you having the pension set as tax relief inclusive. You can confirm whether you are meant to be on this type of pension by contacting your pension provider. What payroll system are you using, standard or advanced?

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3 replies

payment after leavingAnswer
Jul 20, 2020 8:49 AM UTC

Hi forestofmercia The pension will probably be calculating at 4% due to you having the pension set as tax relief inclusive. You can confirm whether you are meant to be on this type of pension by contacting your pension provider. What payroll system are you using, standard or advanced?

forestofmerciaAuthor
Jul 20, 2020 9:42 AM UTC

Thank you, It is the standard one.

payment after leaving
Jul 20, 2020 9:53 AM UTC

Hi forestofmercia What month of your payroll are you running at the present time and have you ran a previous payroll and included the pension is recording at 4%?

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