How to set up SEP in Quickbooks

Discussion in 'Accounting Software' started by debbie1021!, Aug 31, 2018.

  1. debbie1021!

    debbie1021!

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    I have a Single member LLC with no employees and recently opened up a SEP IRA to be funded for 2017.
    How do I map this in the Chart of Accounts in Quickbooks? Once it's in the Chart of Accounts, do I back date it to 12/31/2017?
    I called Quickbooks and they didn't know the answer.
    Thanks in advance!
     
    debbie1021!, Aug 31, 2018
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  2. debbie1021!

    kirby VIP Member

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    When did you send the money to the SEP plan?
     
    kirby, Sep 3, 2018
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  3. debbie1021!

    debbie1021!

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    2 weeks ago.
    So I funded the 2017 SEP in 2018.
     
    debbie1021!, Sep 3, 2018
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  4. debbie1021!

    kirby VIP Member

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    In 2017, record the liability
    Dr SEP IRA Expense (probably need to set up as new acct next to Wages Expense)
    CR Liability for SEP IRA contribution
    In 2018 on the date you paid it,
    DR Liability for SEP IRA contribution
    CR Cash
    You'll need to review the amount of contribution because there are IRS limits and the timing as it had to be paid prior to the filing date of the fed return, including extensions.
     
    kirby, Sep 5, 2018
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  5. debbie1021!

    debbie1021!

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    Thank you!
     
    debbie1021!, Sep 6, 2018
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