quickbooks t account question for sep-ira

[Jeff Zibrat]

I had my corporation write a check for my personal SEP-IRA contribution
about March 10th. It was for the tax year 1998 however. How do I in
Quickbooks 5.0 adjust or fix the fact that it should have been an SEP
expense in 1998, even though I had to write the check in March of 1999?

God bless,

Jeff

[Vernon Paige]

You could have recorded a "bill" for the contribution in 1998, and recorded
the payment as a bill payment in 1999 rather than a check.

Alternatively, record a General Journal Entry ("special transaction" in
earlier versions of QB) in 1998 to record the contribution, posting the
credit to an "other current liability" such as "accrued liabilities" or "due
to/from shareholder". Then change the account on the "expenses" tab of the
check to correspond with the liability account.

Jeff Zibrat wrote in message <3707f57e...@news.mia.bellsouth.net>...

[TlineDomes]

You should have made an entry in 1998 of Credit - Payroll Liabilities and Debit
- SEP-IRA Expense. Then when you actually write the check in 1999 you Credit -
Checking Account and Debit - Payroll Liabilities.

Good Luck

Robert Singer
www.domehome.com

[Cookie]

Do a 12/31/98 journal entry setting up the SEP Expense debit and a SEP
Payable credit. Then change the 3/10/99 check to be a debit to the SEP
Payable account instead of the SEP Expense account..

[Peter Dunkelberger]

Set up a liability account in your 1998 books for SEP-IRA
contributions. Accrue the expense in 1998, debiting the expense account
and crediting the liability account. In 1999, when you actually write
the check, debit the liability account and credit cash.

Peter