Zoboxx

 Profile Answers by Zoboxx 

• Mar 18th, 2008

 

To record 401k transactions depends on whether you are recording the employee's portion or an employer's match:

Employee:  Debit Salaries & Wages (Income Statement), Credit 401k Payable (Balance Sheet).  In other words, the employee's portion is part of the gross wage/salary.

Employer:  Debit 401k Expense (Income Statement), Credit 401k Payable.

When the payment is made to the plan administrator, Debit 401k Payable, Credit cash.

Marsha Beaver

• Jan 28th, 2015

 

Need help with 401k entries to hit income statement

Sue La

• Jan 3rd, 2017

 

My gross wage is $3576.92. I debit Gross wage $3576.92. Trinet charge 401K$ 1,009.72, Debit Company paid tax $461.86, Debit Company paid Benefits $78.40, Debit Company paid worker Compensation $9.59. Company paid payroll fee $46.15. Trinet Payroll Company charge $3163.20. My question that I do not know how to make record Trinet charged the 401K $1,009.72? How do you call the name for credit this amount $1,009.72?. Thanks, Sue

Teri

• Mar 9th, 2017

 

For Trinet you will need to run your 401k report first then subtract the employer contribution from each department on your cost center expense ( if you have departments). TriNet adds that employer 401k contribution in on the benefits line of your invoice. You have to subtract it per department then when you post you will have a negative amount left over. This negative amount is your employee contributions and goes in as a liability. Then when you pay your 401k it zeros out your liability. The key here is you have to subtract the ER contribution that is added in to your invoice.

Bobby

• Sep 17th, 2022

 

Hi, I have questions about 401k loan account. I see $ 19.75 in COA 401k account. I believed I paid short of $19.75 or overpaid so how do I make journal entry for this amount.