Help recording solo 401(k) employer contribution
Hope123
Member Posts: 8
I have an S Corp where wages are paid to the owner/single member. ADP processes the payroll. Solo 401(k) company does not accept electronic transfers from ADP so S Corp makes contribution with a physical check. Contribution amount is not shown anywhere on the pay stub and us made in Jan for the prior year. How do I categorize this in Wave? Thanks!
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Comments
Hello,
I'm an accountant of 30+ years experience and a Wave Pro adviser since 2013. Properly recording this transaction will largely hinge on whether you've been correctly recording payroll. For reasons
not obvious to me, Wave's automatic JE doesn't book payroll according to GAAP.
If you contact me, I'm happy to be of assistance. Worst case scenario... you'll post a journal entry to recognize the expense in 2019.