401K Match by Employer
A customer asks “Where in payroll would the employer enter their 401K match for their employees?”
This can be done easily through the Benefits and Deductions Codes. Since the employer is the Benefit to the employee, we start there. The insurance company or mutual fund would be sheltered and will be figured by Percent of gross pay. Then when would the amount be paid is selected next, with what pay types they would add. Remember we are just adding a template now. (Options>Codes>Benefits/Deduction) Notice in this case the Benefit is coded 401ER for employer, for if you had a deduction code made for the employees it could be 401EE. They could go to the same Vendor when posted then, but be separate in reports.
Next we go to the employee who gets the benefit, where we see the Employee Maintenance set up where we put in the actual percent the company is giving. Looking at a employee deduction code would be the code and individual percents of what the employee wants to give. This way each employee can have a different percent, even if the employer is all the same.
Kevin
System Trainer
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