How to record 401k employer contribution made in 2024 for the prior year 2023

alexandra559

Hi community,

I just began using Quicken Mac for Business/Personal - Version 7.8.1 (Build 708.53916.100).

Here is what I am looking to do:

(1) I have a solo s-corp (just me as the employee) so I am able to make both employer and employee contributions. The employer contribution for the current tax year needs to be made early the following year when income numbers are in. So let's say my employer contribution was $1000 — I wrote a check in 2024 for $1000 for the 2023 contribution. So the check date shows up in year 2024, but it should be recorded for 2023. I believe in Quickbooks you would create journal entries to make this change, but I'm not able to figure out how to do it in Quicken. I tried just changing the date on the transaction, but of course this throws my reconciliation / books off for the bank account.

(2) Similar question, but in reverse — I setup my first contribution to 401k in bill pay for 2024, but by mistake it went too soon (doh!) and was sent on 12/28/2023. Now this transaction shows up as a 2023 contribution, but it should show up in 2024. This is the same question as the above but in reverse — I want a 2023 transaction to show in 2024.

Thanks so much in advance for any help here!
Alexandra

Jon

There isn't any way in Quicken to assign a tax year to a specific transaction, there's only the calendar date the transaction occurred. You might want to consider adding tags to your transactions identifying the tax year so you can filter on those tags to get all the transactions for a specific tax year regardless of which year they occurred in.

alexandra559

I see. What I was thinking more of is adding a transaction to the appropriate year with the expense so it shows up in the correct year. Then there is the problem of reconciling the other transaction, though. Is there a way to reconcile this by adding a new manual Payable account? I read about this but was confused as to how to do it.