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I need to edit my 401k provider in QB Online. My December Payroll ran with Schwab identified as the provider, but it should have been TD. Check was sent to TD. How can I fix this?

Forum|Forum|7 years ago
January 18, 2019
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QuickBooks Online

Best answer by Angelyn_T

Thank you, @Angelyn_T and @BettyJaneB! I've got everything squared away.

Just one more question... I added a new payroll deduction for my new 401k with TD. Since that is the same payroll deduction type as the one I had originally set up for the old account at Schwab, does QB OVERWRITE the older instruction? I don't know where to look to confirm that the 401k liability will now point to TD instead of Schwab.

Both companies are still in my Chart of Accounts as 401k vendors.

You're always welcome, @JenBergRE.

If you've added a new payroll item for 401K, it won't overwrite the old item/account, though they have the same payroll deduction type.

The item will just override once you've edited/changed the previous transactions created using the new payroll item.

If you need further assistance with checking the deductions, you may get in touch with our QuickBooks Support Team.

To contact support:

Go to: https://help.quickbooks.intuit.com/en_US/contact.
Choose QuickBooks Online.
On the Contact Us page, click a topic.
Click on the Get Phone Number button to see the support number.

As always, feel free to visit the Community space if you have further questions, we're always here to help. Have a great day ahead!

BettyJaneB

Hi there, @JenBergRE.

I appreciate the details that you've given. I'd like to make sure to get this 401k concern sorted out.

You'll need to edit the 401k provider by creating a new payroll item and assign it to your employee.

Here's how:

From the left menu select the Gear icon.
Select on Payroll Settings.
Under Payroll, select Deductions / Contributions.
Select Add a New Deduction/Contribution.
For Category, select Retirement Plans.
For Type, select the applicable retirement plan.
Enter the name of the provider or plan.
Select Ok.

Once done, assign the retirement plan deduction or contribution to the employee.

From the left menu, select Workers.
Select on Employee.
Select the employee's name.
Select the pencil icon in the Pay section. Scroll down on the deductions section. Then select the pencil icon.
Select Retirement Plans under Deduction/Contribution type. Then select the type of Retirement plan.
Select Done.

For more details about this process, kindly check out this article: Retirement plan deductions/contributions.

When it comes to the paycheck that was sent, you can still void and recreate the paycheck. However, if you don't have the option to void it, I'd suggest reaching out to our Customer Care Team. They have the necessary tools to check on your account and guide you through the process of fixing this issue.

To reach them:

In your browser, navigate to https://help.quickbooks.intuit.com/en_US/contact.
Choose QuickBooks Online.
Select the issue or topic.
Click the Green Phone button to see the support number.

This should help you get back on track.

Let me know if there's anything else you need. I'll be around to help you out. Enjoy your weekend!

J

JenBergREAuthor

Thanks @BettyJaneB.

I followed the steps you outlined, but it looks like I still need to set up the new provider as a vendor, is that correct? Currently, only the old provider still appears in my vendor list.

Angelyn_T

Thank you for getting back to us here in the Community, @JenBergRE.

Allow me to join the thread and help add information about editing 401K provider in QuickBooks Online (QBO).

Yes, you need to set up a new vendor and assign it to the payroll item created following the steps given by my colleague BettyJaneB.

That should do it. Let me know if you have any other questions by adding a comment below, I'd be glad to keep helping!

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